Report a Municipal Market Complaint

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. MSRB rules govern the professional conduct of brokers, dealers, municipal securities dealers and municipal advisors. These rules are enforced by other regulatory authorities. 

Complaints about these financial professionals may be directed to the regulatory authorities listed below or to the MSRB, which will direct the complaint to the appropriate authority. Call or email the MSRB at 202-838-1330 or To expedite the handling of your complaint, please be as specific as possible as to the nature of your complaint, including detail about the individual and/or firm involved. Please provide your contact information including:

  • Name
  • Home, business, and/or cell phone number
  • Email address
  • Mailing address

Read the MSRB Investor Brochure to learn more about rules protecting investors and resolving disputes with dealers.

To Report a Possible MSRB Rule or Federal Securities Law Violation
Any investor, state or local government or other individual or entity that has reason to believe that an MSRB rule or a federal securities law may have been violated by a securities firm or by a municipal advisor (or by an associated person of a securities firm or municipal advisor) may report the possible violation by completing a form on the Securities and Exchange Commission's (SEC) Tips, Complaints and Referrals Portal or by downloading that form (Form-TCR) and by mailing or faxing the completed form to the U.S. Securities and Exchange Commission at the address below. 

Office of the Whistleblower
U.S. Securities and Exchange Commission
100 F Street, NE
Mail Stop 5971
Washington, DC 20549
Fax: 703-813-9322

To Report a Problem about a Financial Professional
Any investor, state or local government or other individual or entity that would like to report a problem about a financial professional, including a municipal advisor and an issuer of municipal securities, may report the complaint by completing the SEC’s online Investor Complaint Form or by mailing or faxing a completed form to the address below:

U.S. Securities and Exchange Commission
Office of Investor Education and Advocacy
100 F Street, NE
Washington, DC 20549
Fax: 202-772-9295

To Report a Complaint Against FINRA Member Firms or Associated Persons
Investors, issuers or others with complaints against securities firms, individuals associated with securities firms or municipal advisors that are registered with the Financial Industry Regulatory Authority (FINRA) may use FINRA's Investor Complaint Center. If you are unsure whether the firm is a FINRA member, you may check the MSRB’s registered dealer list or registered municipal advisor list. If the MSRB number starts with the letter “A,” the firm is registered with FINRA.

An investor who has a dispute with such a firm or individual may be able to file a claim for monetary damages with FINRA's arbitration program. For information about filing such a claim, visit FINRA's Arbitration and Mediation webpage.

To research the complaint history and professional background of a securities firm or associated individual, use FINRA's BrokerCheck website.

Complaints Against Bank Dealers 

Complaints Against the MSRB
The MSRB seeks to ensure that accounting and audit complaints and other allegations of wrongdoing by a Board member or member of the MSRB staff are addressed promptly. A toll-free hotline (888-475-8376) managed by an independent service provider allows members of the public to report, on a confidential and anonymous basis, concerns about MSRB accounting or auditing matters or other potential wrongdoing. Members of the public may also contact the Corporate Secretary at or at the following address:

Municipal Securities Rulemaking Board
1300 I Street NW, Suite 1000
Washington, DC 20005
Attention: Corporate Secretary
Fax: 202-898-1500