The Municipal Securities Rulemaking Board protects investors, issuers of municipal securities and entities whose credit stands behind municipal securities, and public pension plans by promoting a fair and efficient municipal market. The MSRB fulfills this mission by regulating securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB promotes disclosure and market transparency through its Electronic Municipal Market Access (EMMA) website, provides education and conducts extensive outreach. The MSRB has operated under Congressional mandate with oversight by the Securities and Exchange Commission since 1975.
MSRB rules are intended, first and foremost, to protect investors and the public
interest, to prevent fraudulent and manipulative acts and practices and to promote
just and equitable principles of trade. Among the most important of the MSRB’s investor
protection rules address fair dealing obligations, suitability of recommendations,
fair pricing of transactions, and disclosures of material information to investors.
These rules require broker-dealers and banks to observe the highest professional
standards in their activities and relationships with their customers. The MSRB also
establishes rules intended to promote a free, efficient and open market in municipal
The MSRB has authority to make rules regulating the municipal securities activities of securities firms and banks that underwrite, trade and sell municipal securities, as well as the municipal advisory activities of municipal advisors. The MSRB does not have authority over issuers, investors or other market participants.
Read more about the MSRB
Cooperation with Other Federal Regulators
The MSRB’s activities are subject to the oversight of the Securities and Exchange Commission. In addition, Congress has delegated the responsibilities for examining securities firms, banks and municipal advisors for compliance with MSRB rules, and for enforcing such rules, to various other federal regulators – the Financial Industry Regulatory Authority for broker-dealers, and the Federal Deposit Insurance Corporation, Federal Reserve System and Office of the Comptroller of the Currency for banks.
How to contact the regulators