MSRB Board Identifies Priority Rules for Retrospective Rule Review in 2019

Date: February 5, 2019

Contact: Jennifer A. Galloway, Chief Communications Officer


Washington, DC – The Municipal Securities Rulemaking Board (MSRB) today announced key rules it plans to review in 2019 as part of its ongoing retrospective rule review, which is focused on ensuring MSRB rules are effective, up-to-date and reflective of current market practices.

“Today’s market requires that we reevaluate and modernize certain rules to reflect rapid change in our market,” said Gary Hall, Chair of the MSRB Board of Directors. “We need to ensure that the interests of investors and issuers are protected and that financial professionals can serve them effectively and without unnecessary burdens.”

In October 2018, the Board elevated the MSRB’s retrospective rule review efforts as a strategic initiative and subsequently developed criteria to identify key rules for review. At its January 2019 meeting, the Board approved the work plan for the year, with MSRB Rule G-23, on activities of financial advisors, and a recently implemented requirement of MSRB G-34, on CUSIP numbers, new issue and market information requirements, as the highest priorities. The plan includes filing with the U.S. Securities and Exchange Commission (SEC) to eliminate MSRB Rule G-29, which requires dealers to keep a copy of all MSRB rules in all offices that conduct municipal securities activities. Rule G-29 has become obsolete due to public accessibility of the rules on the MSRB’s website.  

The retrospective rule review also includes a technical review of the entire MSRB rulebook to, among other things, delete transitional provisions that are no longer in operation and update outdated references. The MSRB will also make enhancements to the display of information on the MSRB website to facilitate easier access to relevant regulatory information, including the amendment history of all rules. Read about the retrospective rule review.

The MSRB began a formal retrospective rule review in 2012 to help ensure MSRB rules and interpretive guidance are effective in their principal goal of protecting investors, issuers and the public interest, and that they are not overly burdensome, are clear and harmonized with the rules of other regulators, as appropriate, and reflective of current market practices.

Stakeholders are encouraged to submit comments on any aspect of the organization’s retrospective rule review. Comments should be directed to Ronald Smith, MSRB Corporate Secretary, at

The MSRB protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its Electronic Municipal Market Access (EMMA®) website, the official repository for information on all municipal bonds. The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a self-regulatory organization governed by a 21-member board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is overseen by the Securities and Exchange Commission and Congress.