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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) was established by Congress in 1975 with the mission to protect investors, issuers and the public interest and to promote efficiency, competition and capital formation. MSRB is a private, self-regulatory organization governed by an independent board of directors with market knowledge and expertise. MSRB does not receive federal appropriations and is funded primarily through fees paid by regulated entities. MSRB is overseen by Congress and the Securities and Exchange Commission.

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