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

12/03/2018 - 23:40 MSRB Announces Upcoming Changes to EMMA Website and Webinar about SEC Rule 15c2-12 Amendments
11/15/2018 - 21:25 MSRB Proposes Amendments to Underwriter Fair-Dealing Obligations to Issuers
10/29/2018 - 21:07 MSRB Announces Members of Board Advisory Groups
10/24/2018 - 22:01 MSRB Market Structure Experts Examine Municipal Securities Pre-Trade Data from Alternative Trading Systems
10/01/2018 - 00:59 MSRB Releases Fiscal Year 2019 Strategic Initiatives and Budget Summary
09/19/2018 - 00:44 MSRB Proposes Professional Qualification Requirements for Municipal Advisor Principals
08/27/2018 - 05:26 MSRB Requests Information on Municipal Market Indicators
08/21/2018 - 16:12 MSRB Supports SEC Decision Regarding Bank Loan Disclosure
08/14/2018 - 09:38 MSRB Seeks Input on Draft FAQs on Use of Social Media in Advertising
08/02/2018 - 15:12 MSRB Announces New Board Members for Fiscal Year 2019
07/30/2018 - 21:02 MSRB Releases Report Card on Investor Protection Initiatives
07/26/2018 - 11:10 MSRB and the Municipal Forum of New York to Host Municipal Finance Day in Washington, DC
07/23/2018 - 09:38 Siebert's Gary Hall to Chair MSRB Board of Directors
07/19/2018 - 05:15 MSRB Requests Comment on Amendments to Primary Offering Rules
07/18/2018 - 17:49 MSRB Chief Economist Examines Decline of Transaction Costs for Customer Trades in the Municipal Bond Market
07/09/2018 - 04:37 MSRB to Accept Additional Board Applications for Specific Categories
07/05/2018 - 14:47 Rita Sallis Joins MSRB Board of Directors
06/26/2018 - 20:20 MSRB Seeks Input on Draft FAQ on Use of Municipal Advisory Client Lists and Case Studies