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


MUNICIPAL SECURITIES RULEMAKING BOARD ISSUES NOTICE
REMINDING DEALERS OF FAIR DEALING OBLIGATIONS TO ISSUERS

Alexandria, VA - The Municipal Securities Rulemaking Board (MSRB) today issued a notice reminding municipal securities dealers of their obligations to deal fairly with issuers of municipal securities.  These duties, which are part of MSRB's rules for dealers, require them to "deal fairly with all persons and not engage in any deceptive, dishonest or unfair practice."

Today's notice emphasizes that the MSRB's fair dealing rules apply to dealers' interaction with issuers in connection with the underwriting of municipal securities.  "Dealers have an obligation to be open, honest and transparent with issuers, according to the fair practice principles set forth by the industry in business dealings," said MSRB Chair Ronald A. Stack.

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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