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Contact:           Jennifer A. Galloway, Chief Communications Officer
                        (703) 797-6600
                        jgalloway@msrb.org


MUNICIPAL SECURITIES RULEMAKING BOARD ISSUES NOTICE
REMINDING DEALERS OF FAIR DEALING OBLIGATIONS TO ISSUERS

Alexandria, VA - The Municipal Securities Rulemaking Board (MSRB) today issued a notice reminding municipal securities dealers of their obligations to deal fairly with issuers of municipal securities.  These duties, which are part of MSRB's rules for dealers, require them to "deal fairly with all persons and not engage in any deceptive, dishonest or unfair practice."

Today's notice emphasizes that the MSRB's fair dealing rules apply to dealers' interaction with issuers in connection with the underwriting of municipal securities.  "Dealers have an obligation to be open, honest and transparent with issuers, according to the fair practice principles set forth by the industry in business dealings," said MSRB Chair Ronald A. Stack.


The Municipal Securities Rulemaking Board (MSRB) protects and strengthens the municipal bond market, enabling access to capital, economic growth, and societal progress in tens of thousands of communities across the country. The MSRB fulfills this mission by creating trust in our market through informed regulation of dealers and municipal advisors that protects investors, issuers and the public interest; building technology systems that power our market and provide transparency for issuers, institutions, and the investing public; and serving as the steward of market data that empowers better decisions and fuels innovation for the future. The MSRB is a self-regulatory organization governed by a board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is overseen by the Securities and Exchange Commission and Congress.