by Ernesto Lanza, MSRB Chief Regulatory and Policy Officer
October 2025
For 50 years, MSRB has safeguarded America’s $4 trillion municipal securities market, the primary source of capital for tens of thousands of state and local issuers, by writing the “rules of the road” to protect investors, issuers and the public interest. Congress created MSRB in 1975 to ensure that every investor, from retirees buying a single local bond to institutions buying large amounts of major bond issues, could participate in a fair and efficient market. Congress expanded MSRB’s mandate in 2010 to include the protection of states and municipalities offering municipal bonds to the public. While the MSRB Rulebook may be the most visible aspect of our work, each rule is predicated on the protection of investors and issuers and ensures MSRB serves its congressional mandate.
Investor Protection
MSRB’s investor protection starts with a robust rulebook and detailed rulemaking process that sets high standards for broker-dealers and municipal advisors. The rules require fair dealing (Rule G-17) and suitable recommendations (Rule G-19), fair pricing (Rule G-30), written confirmations and mark-up disclosure (Rule G-15), and best execution (Rule G-18), and are enforced by the SEC and FINRA. These rules are not static; they evolve through a rigorous rulemaking process informed by market data, stakeholder input and regulatory coordination.
Complementing MSRB’s rules are tools like the Electronic Municipal Market Access (EMMA) website, which provides market data free of charge—enhancing market transparency. EMMA allows investors to verify recommendations, benchmark prices, and monitor their holdings using the same information available to industry professionals. MSRB’s online Education Center further empowers investors and issuers by offering resources.
Issuer Protection
MSRB also serves a key role in safeguarding municipal entities and obligated persons and others who issue or support municipal securities. Since 2010, MSRB has regulated municipal advisors, ensuring they provide objective guidance to state and local governments. Additional rules and protections exist for public pension plans, 529 college savings programs, ABLE accounts, and other municipal fund securities. MSRB provides protection through rules promoting fair, transparent and efficient transactions, and by disseminating market data to support informed decision-making.
As with investors, EMMA and MSRB’s Education Center are additional ways in which MSRB protects this important group of market participants—aiding market transparency and providing yet another resource in the education space.
As we mark MSRB’s 50th anniversary, we remain resolute in continuously evaluating and modernizing our regulatory framework. Drawing on market expertise, stakeholder feedback, and close coordination with fellow regulators, we are providing investors and issuers with the confidence to invest in their communities for decades to come.
