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Contact: Aleis Stokes, Chief External Relations Officer


Ensures Process to Substantively Address Commenter Feedback

Washington, D.C. – The Municipal Securities Rulemaking Board (MSRB) today withdrew its 2024 rate card fee filing. The MSRB believes that the withdrawal serves the public interest as it ensures a process in which it can substantively address the concerns expressed in the comment letters to the filing.

“Today’s action will allow the MSRB to thoughtfully deliver on the commitments we have already made to our stakeholders in our response to public comments on the fee filing, which include reevaluating the rate card model itself as well as enhancing the transparency of our budget process,” MSRB CEO Mark Kim said.

Specifically, the MSRB has committed to undertaking a retrospective review of the annual rate card process; instituting certain financial transparency enhancements, particularly with respect to technology-related expenses; and developing avenues for stakeholders to provide feedback to the MSRB in advance of the adoption of its annual budget. In addition, commenters suggested improvements to the rate card model, including the development of projections and mitigation of fee volatility. As the MSRB initiates its retrospective review of the rate card model, certain changes to the model itself may be necessary before the MSRB seeks to file new fees.

“The MSRB had anticipated reviewing the rate card model at some point after implementation, and given the feedback we received, now is the right time to undertake that review,” Kim said. “The MSRB remains firmly committed to strong financial stewardship and the goals of the rate card model, which include the return of surplus fee revenue to regulated entities and the disciplined management of organizational reserves.”

Read the notice.

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.