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Contact: Jennifer A. Galloway, Chief Communications Officer
              (703) 797-6600
              jgalloway@msrb.org 

MSRB PROPOSES MUNICIPAL ADVISOR NOTIFICATION RULE

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today filed with the Securities and Exchange Commission (SEC) a proposal to require municipal advisors to notify the MSRB when the advisor ceases to engage in municipal advisory activities. MSRB notification would be required whether the advisory services are ended voluntarily or pursuant to SEC sanctions.

The Dodd-Frank Wall Street Reform and Consumer Protection Act expanded the MSRB’s jurisdiction to include the regulation of municipal advisors. All municipal advisors engaging in municipal advisory activities are required to be registered with the MSRB. Municipal advisor registration instructions are available on the registration page of the MSRB’s website. Prior to registering with the MSRB, municipal advisors must first register with the SEC under its temporary registration process through the SEC’s website. Municipal advisors are required to register with both the SEC and the MSRB—registration with one regulatory organization will not satisfy the registration requirement of the other regulatory organization.

The Municipal Securities Rulemaking Board (MSRB) protects and strengthens the municipal bond market, enabling access to capital, economic growth, and societal progress in tens of thousands of communities across the country. The MSRB fulfills this mission by creating trust in our market through informed regulation of dealers and municipal advisors that protects investors, issuers and the public interest; building technology systems that power our market and provide transparency for issuers, institutions, and the investing public; and serving as the steward of market data that empowers better decisions and fuels innovation for the future. The MSRB is a self-regulatory organization governed by a 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.

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