Sources and Uses of Funding

The MSRB’s operations are funded primarily by assessments and fees on regulated entities engaged in municipal securities and municipal advisory activities. Mandatory assessments are charged on municipal securities brokers, dealers and municipal advisors. The MSRB also receives revenue for subscriptions to certain market transparency products and shares in fine revenue collected by the Securities and Exchange Commission and the Financial Industry Regulatory Authority, which enforce violations of the rules of the MSRB. The MSRB does not receive funds from the federal government.

Sources of revenue include:

Dealer Assessments and Fees  

• Underwriting assessment fees
• Transaction fees
• Technology fees
• Annual and Initial fees

Municipal Advisor Fees  

• Annual and Initial fees

Data Subscription Services  

• Transaction Subscription Service
• Short-term Obligation Subscription Service
• Primary Market Subscription Service
• Continuing Disclosure Subscription Service

Other Sources

• Rule violation fine revenue
• Professional qualifications exam fees
• Investment Income
• Publications

The MSRB use of funds reflect the organization’s core mission and include distinct programs aimed at achieving investor and municipal entity protection goals in an efficient and effective manner.

Uses of revenue include:

• Rulemaking and Policy Development
• Board Governance and Rulemaking Oversight
• Market Transparency Programs and Operations, including the EMMA® website, Primary Market Disclosures, Continuing Disclosures, Transaction Price Data, Short-Term Interest Rate Disclosures, Political Contributions Disclosures, Regulatory Services and Research
• Market Leadership, Outreach and Education
• Administration

See current year financial highlights.