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

MSRB STATEMENT ON SEC REPORT ON MUNICIPAL SECURITIES MARKET 

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today commended the Securities and Exchange Commission (SEC) for its comprehensive review of the $3.7 trillion municipal securities market and recommendations for enhanced protections for municipal bond investors.

“The MSRB appreciates the work of the SEC to gather input from a broad array of municipal market stakeholders on potential steps toward increasing confidence in the municipal market, improving the level and quality of available information and addressing important market structure issues,” said MSRB Chair Alan Polsky. “We will review the recommendations of the SEC report as part of our ongoing effort to facilitate municipal market transparency, improve disclosure and ensure a fair and efficient market.” 

The MSRB, a self-regulatory organization whose mission is to protect investors and state and local governments, fulfills its mission using a combination of market regulations, market transparency systems, education, outreach and market leadership.

The MSRB’s Electronic Municipal Market Access (EMMA®) website provides free public access to municipal trade prices and primary market and continuing disclosure information about municipal securities, including required annual financial information and event-based disclosures from state and local government issuers. The MSRB also encourages state and local government issuers to provide additional information to the EMMA website on a voluntary basis to help investors make informed decisions. Voluntary disclosures may include accounting standards and information on state and local government bank loan financings.

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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