The MSRB does not have enforcement authority. Other regulatory agencies monitor the activities of municipal securities dealers and municipal advisors. This surveillance ensures that underwriting, trading and selling of municipal bonds, and advice on municipal securities and municipal financial products is conducted in compliance with MSRB rules.
Agencies that enforce MSRB rules are:
The MSRB coordinates closely with the SEC and other enforcement agencies to support their efforts. MSRB Regulatory Coordination and Enforcement Support Programs facilitate market surveillance, inspection and enforcement of MSRB rules by providing enforcement agencies with collected market information and analytical and statistical data, as well as with reports of potential rule violations that become known to the MSRB.
Regular support and exchanges between the MSRB and enforcement agencies include the provision of standard data reports, training on MSRB Market Information Transparency Programs, operation of a dedicated website by the MSRB for enforcement agencies, periodic meetings and operational support.
Enforcement agencies also receive direct feeds of trade reporting data and primary market data from MSRB Market Information Transparency Programs.