Municipal Securities Rulemaking Board (MSRB)
The self-regulatory organization that writes rules governing broker-dealers and municipal advisors who participate in the US municipal securities market.
What is MSRB?
The Municipal Securities Rulemaking Board (MSRB) is a self-regulatory organization (SRO) established by Congress in 1975 to protect investors, municipal issuers, and the public interest by promoting a fair and efficient municipal securities market. The MSRB writes rules governing broker-dealers and municipal advisors that engage in municipal securities business, and operates the Electronic Municipal Market Access (EMMA) system — a free public database providing access to official statements, continuing disclosures, and real-time trade data for the $4 trillion US municipal bond market. The MSRB's rules are enforced by the SEC and FINRA; the MSRB itself does not have enforcement authority.
Example
When a municipal bond underwriter advises a city on the terms of a new bond issue, it must comply with MSRB Rule G-17 (duty of fair dealing) and G-23 (conflicts of interest for financial advisors). Investors can research the bond's official statement and all subsequent continuing disclosures free of charge on the MSRB's EMMA platform.
Source: MSRB — About the MSRB