MSRB PUBLISHES 2025 ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS

Washington, D.C. – The Municipal Securities Rulemaking Board (MSRB) today published its annual report for 2025, providing an overview of the organization’s key accomplishments and stakeholder outreach efforts during the year. The report recognizes MSRB’s 50 years of serving its congressional mandate, while highlighting its ongoing efforts to modernize market regulation, enhance market transparency, and engage with stakeholders as it promotes a fair and efficient municipal securities market.

“Advancing fairness and efficiency in the $4 trillion municipal market requires more than MSRB’s efforts alone,” MSRB Board Chair Natasha Holiday and MSRB CEO Mark Kim said in a letter to stakeholders. “It’s through ongoing engagement and a dynamic feedback loop with our stakeholders that we strengthen both the market and the communities it serves.”  

In the letter, Holiday and Kim also reinforce that stakeholder feedback helped shape MSRB’s budget for FY 2026 and led MSRB to develop a new multi-year rate card that makes fees more predictable and transparent for those MSRB regulates. The 2025 Annual Report highlights several key initiatives, including: 

Market Regulation  

• MSRB retained the 15-minute reporting standard under Rule G-14 (rescinding the not yet effective one-minute requirement) and amended the rule to require dealers, beginning in July 2026, to report trades “as soon as practicable.”  
• MSRB maintained its focus on retrospective rule reviews to ensure its rules are achieving their intended purposes and don’t create unnecessary burdens. MSRB launched five major reviews of existing rules:
  • Adapting dealer supervision rules to the modern workplace
  • Streamlining the primary market disclosure and data submission process
  • Updating municipal advisor rules  
  • Modernizing disclosure and other obligations for municipal fund securities  
  • Preparing MSRB’s market infrastructure rules for market innovation
     

Market Transparency

• MSRB continued its technology system modernization initiative. The new EMMA, which MSRB expects to launch in 2026, will offer a modern look and feel, easier navigation, customizable dashboard, enhanced search tools, and new data, including obligor information for the first time in MSRB history.  
   

Public Trust  

• MSRB held robust discussions with stakeholders on key topics, including the new EMMA, FY2026 budget and multi-year rate card, while also engaging proactively around its forthcoming strategic plan.
• MSRB spotlighted its 50th anniversary celebration and its upcoming cost-saving move to a new, right-sized office space.

“As we look ahead to the next 50 years, our mission is just as important today as it was when Congress established us in 1975,” added Holiday and Kim. “From every person and place that is part of this market, this much remains clear: We are stronger when we work together—one bond at a time.”

The annual report includes audited annual financial statements for the fiscal year that ended September 30, 2025. For a detailed look at the financials and insights into how the MSRB advances its mission, read the report.