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Contact: Jennifer A. Galloway, Chief Communications Officer
              202-838-1500
              jgalloway@msrb.org

MSRB PUBLISHES COMPLIANCE ADVISORY FOR BROKERS, DEALERS AND MUNICIPAL SECURITIES DEALERS

Washington, DC – The Municipal Securities Rulemaking Board (MSRB) today published its first Compliance Advisory for Brokers, Dealers and Municipal Securities Dealers, which identifies some of the key compliance risks for dealers that, if not properly addressed, could adversely affect public confidence in the municipal securities market.  

The MSRB’s 2016 Compliance Advisory for Brokers, Dealers and Municipal Securities Dealers outlines the core components of established MSRB fair practice regulations designed to protect investors and ensure fairness and ethical conduct in each transaction. Among other topics, the advisory includes provisions of a new best execution rule for the municipal securities market created by the MSRB, which becomes effective on March 21, 2016.

“Protecting the integrity of one of our country’s most essential local financing mechanisms is a responsibility shared by regulators and the regulated firms,” said MSRB Executive Director Lynnette Kelly. “To help ensure that all brokers, dealers and municipal securities dealers remain mindful of their responsibilities, the MSRB has outlined risks and considerations that can be included in firms’ evaluations of their compliance controls.”

The MSRB uses numerous tools to regulate the municipal securities market, including extensive education and outreach to regulated entities to ensure that they understand and comply with market regulations. Today’s advisory is another effort to support a strong regulatory framework and assist dealers in meeting their obligations. These initiatives support the MSRB’s effort to ensure that the municipal market continues to operate with the key protections that investors and municipal entities deserve.  


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. 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. 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. MSRB is overseen by the Securities and Exchange Commission and Congress.

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