Message from Leadership


   "The MSRB is pursuing a number of ways to shed more light on municipal bond prices, from strengthening regulatory standards to enhancing data on the EMMA website." 

- Kym Arnone (left), Chair
Lynnette Kelly, Executive Director

As change continues to define the municipal market, the Municipal Securities Rulemaking Board (MSRB) is leading multiple initiatives to protect investors and municipal entities. Our highest priority initiatives aim to enhance price transparency for investors, protect state and local governments that engage the services of municipal advisors, and improve the overall fairness and efficiency of the $3.6 trillion municipal securities market.

The MSRB is pursuing a number of ways to shed more light on municipal bond trade prices, from strengthening regulatory standards for the conduct of dealers in ensuring a fair price and in disclosing information to investors, to enhancing the types of trade data available on the MSRB’s Electronic Municipal Market Access (EMMA®) website. The MSRB is committed to providing investors with access to clear, understandable information to help them evaluate their municipal bond trades. 

At the same time, the MSRB is advancing needed rulemaking for municipal advisors with the goal of protecting state and local governments nationwide. Several important regulatory provisions guiding the conduct and professional qualifications of municipal advisors are under development. We also intend to provide as much education on new rules for municipal advisors as is practicable. Putting regulations in place to protect municipal entities remains a top priority for the MSRB.

As it pursues transparency and regulatory initiatives, the MSRB carefully considers their impact on market efficiency. Importantly, the MSRB has created a new market structure group under the leadership of a Chief Market Structure Officer to ensure the necessary market and technical expertise to rigorously analyze the potential market effects of the MSRB’s proposals. The MSRB has added a Chief Economist to this group to ensure that a robust economic analysis is performed. We will of course continue to actively solicit and welcome input from a wide range of market stakeholders as well to help inform our work.

The MSRB’s website is designed as a resource for investors, issuers, regulated entities and others interested in the municipal market. Find up-to-date information about MSRB initiatives in market transparency, rulemaking and education, and learn how to share your input with us at an upcoming event, electronically or through the formal rulemaking process. Together, we can ensure the market operates more fairly, efficiently and with greater transparency.  

Thank you. 

 Kym Arnone, Chair  Lynnette Kelly, Executive Director