Municipal Securities Rulemaking Board ( MSRB )


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About Municipal Securities Rulemaking Board

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

09/19/2018 - 01:44 MSRB Proposes Professional Qualification Requirements for Municipal Advisor Principals
08/27/2018 - 06:26 MSRB Requests Information on Municipal Market Indicators
08/21/2018 - 17:12 MSRB Supports SEC Decision Regarding Bank Loan Disclosure
08/14/2018 - 10:38 MSRB Seeks Input on Draft FAQs on Use of Social Media in Advertising
08/02/2018 - 16:12 MSRB Announces New Board Members for Fiscal Year 2019
07/30/2018 - 22:02 MSRB Releases Report Card on Investor Protection Initiatives
07/26/2018 - 12:10 MSRB and the Municipal Forum of New York to Host Municipal Finance Day in Washington, DC
07/23/2018 - 10:38 Siebert's Gary Hall to Chair MSRB Board of Directors
07/19/2018 - 06:15 MSRB Requests Comment on Amendments to Primary Offering Rules
07/18/2018 - 18:49 MSRB Chief Economist Examines Decline of Transaction Costs for Customer Trades in the Municipal Bond Market
07/09/2018 - 05:37 MSRB to Accept Additional Board Applications for Specific Categories
07/05/2018 - 15:47 Rita Sallis Joins MSRB Board of Directors
06/26/2018 - 21:20 MSRB Seeks Input on Draft FAQ on Use of Municipal Advisory Client Lists and Case Studies
06/19/2018 - 15:55 New MSRB Report Examines Trends in Customer Trading Activity of Municipal Securities Dealers
06/05/2018 - 10:49 MSRB Initiates Retrospective Review of Underwriter Disclosures to Issuers
05/30/2018 - 11:18 MSRB Launches Re-Engineered Trade Reporting System
05/16/2018 - 10:58 MSRB Requests Comment on Re-Establishing Standalone Rule on Discretionary Transactions in Customer Accounts
05/07/2018 - 17:05 MSRB Establishes Advertising Rule for Municipal Advisors and Enhances Dealer Advertising Rule