Regulatory Effectiveness and Efficiency
In FY2019, the MSRB renewed its commitment to ensuring that its rules are up-to-date, effective and reflective of current market practices. This commitment includes a retrospective rule review based on clarity, outcomes, developments in technology and economic impact, among other principles. The MSRB is supporting regulatory efficiency by ensuring that municipal securities regulations—and interpretive guidance—are appropriately tailored, function efficiently and are consistent with those of other regulators, when possible. As part of our commitment to prudent regulation, the MSRB has increased assistance provided to other regulators in their examination of MSRB-regulated entities with the goal of consistent interpretation of rules and alignment of enforcement activities that promote regulatory certainty.
The MSRB has been engaged in an effort to promote efficiency, consistency and clarity in regulating the municipal securities market. With many MSRB rules in place for more than 40 years, the MSRB recognizes the need to regularly review rules to identify potential changes to ensure that they function as efficiently as possible, reflect current market practices and are consistent with the rules of other regulators, where appropriate.