MSRB Investor Protection Rules — MSRB rules are designed,
first and foremost, to protect investors and the public interest. They impose customer
protection duties on broker-dealers and banks that sell municipal securities. MSRB
rules obligate such firms to deal fairly with you, not to engage in any deceptive,
dishonest or unfair practices, and to provide you with information vital to making
your investment decision. These duties are further heightened if the broker-dealer
or bank has recommended that you enter into an investment or course of investments.
These rules are available at the MSRB's website.
Go to the MSRB's website
Want to find out about your broker? — The Financial Industry
Regulatory Authority (FINRA) provides a free on-line utility to find out about the
background, status and disciplinary history of individual brokers and firms.
Go to FINRA's BrokerCheck
Have a complaint? — If you have a complaint or are concerned
that you have been treated unfairly by a broker-dealer or bank in connection with
a transaction in municipal securities, there are a number of organizations you can
Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549
Attn: Office of Municipal Securities
Financial Industry Regulatory
Authority (for securities firms)
1735 K Street, N.W.
Washington, DC 20006
Attn: Fixed Income Securities Regulation
Office of the Comptroller
of the Currency (for national banks)
250 E Street, S.W.
Washington, DC 20219
Attn: Credit & Market Risks MS 6-2
Board of Governors
of the Federal Reserve System (for state banks - Federal Reserve members)
20th and C Streets, N.W.
Washington, DC 20551
Attn: Market & Liquidity Risks, Division of Banking Supervision & Regulation
Federal Deposit Insurance Corporation
(for all other state banks)
550 17th Street, N.W.
Washington, DC 20429
Attn: Planning & Program Development Section, Division of Supervision &
Office of Thrift Supervision
(for savings associations)
1700 G Street, N.W.
Washington, DC 20552
Attn: Trust and Specialty Programs
The MSRB is a rulemaking organization and does not have enforcement authority. Information
received by the MSRB regarding a potential violation of MSRB rules is forwarded
promptly to the appropriate enforcement agency listed above.
You may also contact your state's securities regulator. Links to state securities
regulators are provided on the website of the North American Securities Administrators Association
Have a dispute with a firm or a broker? — If you have a dispute
with a firm or its broker, attempting to resolve it directly with the sales representative
or that representative's supervisor can often prove to be the most effective and
efficient approach. If the dispute cannot be resolved, you may file an arbitration
claim. Any customer with a claim, dispute or controversy against a broker-dealer
involving its municipal securities activities may submit that claim to the arbitration
forum of any self-regulatory organization of which the firm is member, such as FINRA.
FINRA's arbitration program also can hear claims, disputes or controversies against
banks involving their municipal securities activities.
Learn about FINRA's arbitration program