Municipal Securities Rule Making Board

Municipal Securities Fraud Litigation and Arbitration Attorney, Russell L. Forkey, Esq.

The Municipal Securities Rule Making Board:

Many investors have heard of the "MSRB," but what is it and what are its functions?  The Municipal Service Rule Making Board ("MSRB") was established by Congress in 1975 as a self-regulatory organization that protects investors and the public interest by promoting a fair and efficient municipal securities market. To accomplish this mission, the MSRB regulates securities firms and banks that underwrite, trade and sell municipal securities. The MSRB also collects and disseminates market information, and operates the Electronic Municipal Market Access (EMMA) website to promote transparency and widespread access to information.

The Dodd-Frank Wall Street Reform and Consumer Protection Act broadened the mission of the MSRB to include the protection of state and local government issuers, public pension plans and others whose credit stands behind municipal bonds, in addition to protecting investors and the public interest. The MSRB also regulates municipal advisors. Read the municipal securities provisions of the Dodd-Frank Act.

Education, outreach and market leadership with respect to the broad range of municipal market activities and market participants are also part of the MSRB's mission-driven activities. The MSRB Board of Directors is composed of members representing securities firms, banks, municipal advisors and the public, with a majority of public representatives.

To provide regulatory services that are at the core of the MSRB's statutory mission, the MSRB maintains distinct programs aimed at achieving its investor protection goals in an efficient and effective manner.

Recent statement by the MSRB relating to Trans piracy of the Municipal Securities Markets.