Municipal Securities Rulemaking Board

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Founded 1975
Headquarters Alexandria, Virginia
Key People Alan Polsky, Robert Lamb
Web site
Releases Organization News

The Municipal Securities Rulemaking Board (MSRB) is a market regulator that 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. [1]


The MSRB was originally established in 1975 by Congress to develop rules regulating security firms and banks involved in underwriting, trading, and selling municipal securities. The MSRB is composed of members from regulated broker-dealers and banks as well as from the public. Like the Financial Industry Regulatory Authority (FINRA), the MSRB is a self-regulatory organization that is subject to oversight by the Securities and Exchange Commission (SEC).[2]

Under the Dodd-Frank Act the MSRB's rulemaking authority was broadened to also regulate so-called municipal advisors, which include financial advisors, swap advisors, brokers of guaranteed investment contracts and other market participants that advise on the issuance of municipal securities and provide certain other types of advice to state and local governments, public pension funds and other municipal entities on municipal derivatives, investment strategies and other financial matters.

In January of 2013, MSRB published its 2012 Annual Report, which highlighted the organization’s activities and provided financial highlights for the fiscal year that ended Sept. 30, 2012. The report provided updates on MSRB initiatives, including the protection of investors and state and local governments, and improvements in municipal market transparency.[3]

Key People

Alan Polsky, Chair Robert Lamb, Vice Chair


  1. MRSB.
  2. MSRB Page. LinkedIn.