Municipal Securities Rulemaking Board ( MSRB )


Municipal Securities Rulemaking Board's picture

The Municipal Securities Rulemaking Board (MSRB) writes investor protection rules and other rules regulating broker-dealers and banks in the United States municipal securities market, including tax-exempt and taxable municipal bonds, municipal notes, and other securities issued by states, cities, and counties or their agencies to help finance public projects or for other public policy purposes. Among its investor protection rules, the MSRB is best known for adopting the first nation-wide Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to obtain municipal underwriting business from state and local governments. The MSRB's investor protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as to the underwriting, sales and trading of Build America Bonds and other taxable municipal obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA) system (, which provides free on-line access to comprehensive municipal securities disclosure documents, trade prices, interest rate information, and market statistics.

MSRB press release, blog etc

03/11/2018 - 18:53 MSRB Publishes Issue Brief on Minimum Denominations of Municipal Securities
02/14/2018 - 22:09 MSRB Seeks Input on a Compliance Resource to Help Distinguish Advice and Recommendations
01/22/2018 - 01:55 MSRB Publishes Report on Self-Regulation in the Municipal Securities Market
01/18/2018 - 02:19 MSRB Seeks to Establish Advertising Rule for Municipal Advisors and Update Dealer Standards
01/11/2018 - 00:06 MSRB Publishes 2017 Annual Report and Audited Financial Statements
01/03/2018 - 12:04 MSRB Reminds Dealers of Existing Guidance on Filtering of Bids and Offers
12/15/2017 - 19:53 MSRB to Amend Requirements for Obtaining CUSIP Numbers
12/07/2017 - 04:42 MSRB Announces New Town Hall Series Coming in 2018
11/17/2017 - 12:14 MSRB Launches Compliance Workshop Series
11/16/2017 - 13:33 MSRB Seeks Input on Compliance Support
11/09/2017 - 01:05 MSRB Publishes Information on its Compliance and Market Leadership Activities
11/09/2017 - 00:12 MSRB Releases New Data on Inter-Dealer Electronic Trading of Municipal Bonds
11/01/2017 - 06:49 MSRB Publishes Vision and Principles for Evolving EMMA
10/31/2017 - 10:28 MSRB Announces Members of Compliance Advisory Group
10/30/2017 - 10:50 MSRB Holds Quarterly Board Meeting October 2017
10/18/2017 - 01:16 MSRB Letter to SEC Investor Advocate Highlights Municipal Market Practices that May Affect Retail Investors
10/17/2017 - 08:40 MSRB Publishes Budget Summary in Support of Financial Transparency
10/05/2017 - 05:55 MSRB Adds Bloomberg BVAL to Municipal Market Yield Curves on EMMA