About MSRB
The Municipal Securities Rulemaking Board was established in 1975 by Congress to
develop rules for broker-dealers and banks that underwrite, trade and sell municipal
securities – bonds, notes and other securities issued by states, cities, and counties
or their agencies to help finance public projects or for other public purposes.
The MSRB promotes investor protection through prudent regulation and expert market
leadership.
MSRB Rulemaking
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
securities.
The MSRB has authority to make rules regulating the municipal securities activities
of broker-dealers and banks only. The MSRB does not have authority over issuers
of municipal securities, 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
broker-dealers and banks 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 Board of Governors of the Federal Reserve System, the
Federal Deposit Insurance Corporation, and the United States Department of the Treasury's
Office of the Comptroller of the Currency and Office of Thrift Supervision for banks.
How to contact the regulators