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

MSRB PROVIDES EDUCATION FOR ISSUERS ON DISCLOSURE OF BOND BALLOT CAMPAIGN CONTRIBUTIONS

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) has prepared a new educational resource to assist state and local governments in understanding the information that will be made public regarding municipal securities dealers’ contributions to bond ballot campaigns and any resulting municipal securities underwriting business. The MSRB began requiring additional disclosures in July 2013 to promote greater transparency surrounding dealers’ involvement in bond ballot campaigns, which secure voter approval for taxpayer-funded public projects.

The MSRB requires municipal securities dealers to disclose information on their political contributions on a quarterly basis. Disclosures for July through September 2013 are now available on the MSRB’s Electronic Municipal Market Access (EMMA®) website.

“As part of its mission to promote market transparency, the MSRB is evaluating the perceived link between dealers’ financial contributions and the awarding of municipal securities underwriting business,” said MSRB Executive Director Lynnette Kelly. “If the additional disclosures demonstrate a pattern between giving to bond ballot campaigns and getting underwriting business, the MSRB will consider further action to address the appearance of pay-to-play.”

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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