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

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
04/30/2018 - 08:55 MSRB Unveils Investor-Focused Enhancements to EMMA
04/11/2018 - 23:10 Lanny Schwartz Joins MSRB as Chief Regulatory Officer
04/10/2018 - 23:52 MSRB Chief Economist Examines Impact of Municipal Bond ETFs on Municipal Bond Market Liquidity
04/08/2018 - 23:47 MSRB Publishes Issue Brief on Regulatory Framework for Municipal Market Derivatives
03/11/2018 - 19:53 MSRB Publishes Issue Brief on Minimum Denominations of Municipal Securities
02/14/2018 - 23:09 MSRB Seeks Input on a Compliance Resource to Help Distinguish Advice and Recommendations
01/22/2018 - 02:55 MSRB Publishes Report on Self-Regulation in the Municipal Securities Market
01/18/2018 - 03:19 MSRB Seeks to Establish Advertising Rule for Municipal Advisors and Update Dealer Standards
01/11/2018 - 01:06 MSRB Publishes 2017 Annual Report and Audited Financial Statements
01/03/2018 - 13:04 MSRB Reminds Dealers of Existing Guidance on Filtering of Bids and Offers
12/15/2017 - 20:53 MSRB to Amend Requirements for Obtaining CUSIP Numbers
12/07/2017 - 05:42 MSRB Announces New Town Hall Series Coming in 2018
11/17/2017 - 13:14 MSRB Launches Compliance Workshop Series
11/16/2017 - 14:33 MSRB Seeks Input on Compliance Support