Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia

Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
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Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
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Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
 Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current event
Municipal Securities Rulemaking Board
From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
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Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent change
Municipal Securities Rulemaking Board
From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
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About Wikipedia
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What links here
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Upload file
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Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
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Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
 Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current event
Municipal Securities Rulemaking Board
From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
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Upload file
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Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

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This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
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statementMobile viewWikimedia Foundation Powered by MediaWiki

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This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki
s
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Languages
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This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki

Wikidata item
Cite this page
Print/export
Create a book
Download as PDF
Printable version
Languages
Add links
This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki

Wikidata item
Cite this page
Print/export
Create a book
Download as PDF
Printable version

Languages
Add links
This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki

Wikidata item
Cite this page
Print/export
Create a book
Download as PDF
Printable version

Languages
Add links
This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki
Municipal Securities Rulemaking Board
From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Wikidata item
Cite this page
Print/export
Create a book
Download as PDF
Printable version

Languages
Add links
This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
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Featured content
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Random article
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Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
 Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
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Current events
Random article
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What links here
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Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current event
Municipal Securities Rulemaking Board
From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
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Random article
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This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki

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This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki
s
Random article
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Languages
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This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki

Wikidata item
Cite this page
Print/export
Create a book
Download as PDF
Printable version
Languages
Add links
This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki

Wikidata item
Cite this page
Print/export
Create a book
Download as PDF
Printable version

Languages
Add links
This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki

Wikidata item
Cite this page
Print/export
Create a book
Download as PDF
Printable version
Municipal Securities Rulemaking Board
From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
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Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
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Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
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What links here
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Upload file
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Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current event
Municipal Securities Rulemaking Board
From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
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registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
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statementMobile viewWikimedia Foundation Powered by MediaWiki

s
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This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
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statementMobile viewWikimedia Foundation Powered by MediaWiki

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This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki

Wikidata item
Cite this page
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Create a book
Download as PDF
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Languages
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This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
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Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.
Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
 Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Wikidata item
Cite this page
Print/export
Create a book
Download as PDF
Printable version

Languages
Add links
This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
 Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
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Municipal Securities Rulemaking Board
From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.
Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
 Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent change
Municipal Securities Rulemaking Board
From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.
Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
 Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
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Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
 Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
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Random article
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Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current event
Municipal Securities Rulemaking Board
From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.
Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
 Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
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Featured content
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Random article
Donate to Wikipedia
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This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki

Wikidata item
Cite this page
Print/export
Create a book
Download as PDF
Printable version

Languages
Add links
This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki

s
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Wikidata item
Cite this page
Print/export
Create a book
Download as PDF
Printable version

Languages
Add links
This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki

Wikidata item
Cite this page
Print/export
Create a book
Download as PDF
Printable version

Languages
Add links
This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki

Wikidata item
Cite this page
Print/export
Create a book
Download as PDF
Printable version

Languages
Add links
This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki

Wikidata item
Cite this page
Print/export
Create a book
Download as PDF
Printable version

Languages
Add links
This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.
Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
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This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
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registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
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Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
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Random article
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Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.
The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch
Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current event
Municipal Securities Rulemaking Board
From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.
Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
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About Wikipedia
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Upload file
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This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki

Wikidata item
Cite this page
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Create a book
Download as PDF
Printable version

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This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki

s
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
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What links here
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Upload file
Special pages
Permanent link
Page information

Wikidata item
Cite this page
Print/export
Create a book
Download as PDF
Printable version

Languages
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This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki

Wikidata item
Cite this page
Print/export
Create a book
Download as PDF
Printable version

Languages
Add links
This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki

Wikidata item
Cite this page
Print/export
Create a book
Download as PDF
Printable version

Languages
Add links
This page was last edited on 16 September 2018, at 01:29 (UTC).
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms
may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
Privacy policyAbout WikipediaDisclaimersContact WikipediaDevelopersCookie
statementMobile viewWikimedia Foundation Powered by MediaWiki

Wikidata item
Cite this page
Print/export
Create a book
Download as PDF
Printable version
Municipal Securities Rulemaking Board
From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
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Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.
Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Wikipedia store
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact page
Tools
What links here
Related changes
Upload file
Special pages
Permanent link
Page information

Municipal Securities Rulemaking Board

From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
 Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
Featured content
Current event
Municipal Securities Rulemaking Board
From Wikipedia, the free encyclopedia
Jump to navigationJump to search
Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]

Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
Navigation menu
Not logged inTalkContributionsCreate accountLog inArticleTalkReadEditView historySearch

Search Wikipedia
Main page
Contents
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Municipal Securities Rulemaking Board

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Municipal Securities Rulemaking Board
Headquarters Washington, DC
Website www.msrb.org
The Municipal Securities Rulemaking Board (MSRB) 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.

Contents
1 Operations
2 Structure
3 History
4 See also
5 References
6 External links
Operations
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).[1]
The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling, and processing information
with respect to, and facilitating transactions in municipal securities, to remove impediments to
and perfect the mechanism of a free and open market in municipal securities, and, in general,
to protect investors and the public interest."[2] While the MSRB sets standards for broker-
dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal
securities or other municipal entities, which Congress generally exempted from most provisions
of the federal securities laws (such as the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940) otherwise applicable to private-sector issuers
of corporate and other types of securities.[1] MSRB rules are enforced by various other federal
regulatory organizations, including the SEC, FINRA, the Federal Reserve System, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency
(OCC).[3]
Among its investor protection rules, the MSRB is best known for adopting the first nationwide
Pay to Play rule, known as Rule G-37, designed to eliminate the use of political contributions to
obtain municipal underwriting business from state and local governments. The MSRB's investor
protection rules also apply to state-operated 529 plans marketed by broker-dealers, as well as
to the underwriting, sales and trading of Build America Bonds and other taxable municipal
obligations. In addition, the MSRB operates the Electronic Municipal Market Access (EMMA)
system, which provides free on-line access to comprehensive municipal securities disclosure
documents, trade prices, interest rate information, and market statistics.

The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 broadened the
MSRB's rulemaking authority 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. As of March 2013,
since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this
regard are suspended and there is considerable concern in the industry as to whether
underwriters and/or other regulated professionals may be viewed as municipal advisors,
thereby having the related fiduciary duties. The MSRB's investor protection rules will be
extended to protect municipal entities as well.

Structure
The MSRB is composed of members from regulated broker-dealers and banks as well as from
the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority
of independent public members and to include representatives of municipal advisors.

History
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended
by the Securities Acts Amendments of 1975, Pub.L. 94–29, and codified at 15 U.S.C. § 78o-4(b))
to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and
banks in the municipal securities business.[4][5]

See also
Financial Industry Regulatory Authority (FINRA)
Securities Investor Protection Corporation (SIPC)
Securities market participants (United States)
References
Feldstein, Sylvan G.; Fabozzi, Frank J. (2011). The Handbook of Municipal Bonds. John Wiley &
Sons. p. 319. ISBN 9781118044940.
Municipal Securities Rulemaking Board. "Creation of the MSRB". Retrieved 30 March 2014.
Municipal Securities Rulemaking Board. "Enforcement of MSRB Rules". Retrieved 28 April 2014.
Poser, Norman S.; Fanto, James A. (2011). Broker-Dealer Law and Regulation. Aspen Publishers.
pp. 4–24. ISBN 9780735567856.
 Grigg, Neil S. (2010). Economics and Finance for Engineers and Planners. ASCE Publications. p.
233. ISBN 9780784472293.
External links
Municipal Securities Rulemaking Board
Electronic Municipal Market Access (EMMA) system
Categories: 1975 establishments in the United StatesFinancial regulatory authorities of the
United StatesSelf-regulatory organizationsOrganizations established in 1975Local government
finance
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