Back to top
Date:

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

MSRB PUBLISHES REPORT ON SELF-REGULATION IN THE MUNICIPAL SECURITIES MARKET

Washington, DC – As the self-regulatory organization (SRO) created by Congress to promote a fair and efficient municipal securities market, the Municipal Securities Rulemaking Board (MSRB) today released a new report summarizing the history of self-regulation in the U.S. capital markets and detailing the advantages of the MSRB’s distinctive SRO model.

“Oversight of the municipal securities market has been grounded in the concept of self-regulation for over 40 years,” said MSRB Executive Director Lynnette Kelly. “Government provides strong oversight, and market practitioners contribute expert insight into the practical realities of implementing regulatory objectives. The MSRB’s distinctive SRO model has enabled the municipal market to grow into a $3.8 trillion capital market that has earned the confidence of investors, issuers and market professionals.”

Since the 1930s, Congress, the Securities and Exchange Commission and others have periodically re-examined and reaffirmed or strengthened the SRO model, and the subject of self-regulation is again garnering attention as policymakers and others review the federal regulatory framework in the wake of changes in financial markets regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.  

“We are contributing our perspective in the ongoing dialogue about self-regulation in the U.S. capital markets,” Kelly said. “We think that the MSRB – while committed to continuous self-assessment and improvement – is a particularly successful embodiment of the SRO model.”

As part of the organization’s long-term strategic vision, the MSRB is leveraging its unique perspective and expertise as an SRO by publishing additional reports, commentary and market analysis. 

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.

Print