Municipal Securities Rulemaking Board ( MSRB )

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 (http://emma.msrb.org), 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