How the Market is Regulated

The MSRB regulates intermediaries in the municipal market through an array of programs aimed at protecting investors, state and local government entities, and others whose credit stands behind municipal securities.

The Role of the MSRB

The MSRB writes rules and operates market information systems for municipal securities dealers, banks, and municipal advisors.

Dealer Regulation

Municipal securities dealers must register with the MSRB and the Securities and Exchange Commission, and comply with all associated rules.

Municipal Advisor Regulation

As of October 1, 2010, the MSRB regulates advisors to state and local government entities, and firms that solicit certain business from municipal entities on behalf of others.

Enforcement of MSRB Rules

The Financial Industry Regulatory Authority, the Securities and Exchange Commission and bank regulators enforce MSRB rules.

Milestones in Municipal Securities Regulation

Since 1975, the MSRB has developed a regulatory framework that enables it to fulfill its investor protection mission.