Sources and Uses of Funding

The MSRB strives to diversify the organization’s funding sources among regulated entities and other entities that fund MSRB products and services in a manner that ensures the MSRB’s long-term sustainability. Operations are funded primarily by assessments and fees on regulated entities engaged in municipal securities activities and municipal advisory services. 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  

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

Municipal Advisor Fees  

  • Annual and Initial fees 
  • Professional 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

Funding priorities are established based on the MSRB’s responsibilities as a self-regulatory organization. The MSRB’s 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:

See most recent financial highlights.

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