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

MSRB UNDERTAKES BROAD RULES REVIEW AND ASKS PUBLIC
TO RECOMMEND CHANGES TO MUNICIPAL MARKET REGULATIONS

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) is requesting broad industry and public input on its regulation of the municipal securities market as it engages in a comprehensive review to ensure that its rules reflect current market practices.

“An inherent advantage of the MSRB’s status as a self-regulatory organization is that its rules and other activities are grounded in the insight of actual participants in the marketplace,” said MSRB Executive Director Lynnette Kelly. “We expect that this review will generate important dialogue about the effectiveness and efficiency of municipal market regulation.”

The MSRB encourages feedback from the broadest possible array of market participants, including retail and institutional investors, municipal entities and financial professionals active in the municipal market. This feedback will help the MSRB prioritize its efforts to revise, reorganize or retire MSRB rules as appropriate. MSRB rules govern the activities of securities firms, banks and municipal advisors that engage in municipal securities and advisory activities.

Comments regarding regulatory changes may be of a general nature or may address any of the specific questions posed in the request for comment about the applicability, organization, burden or approach of MSRB rules. Comments should be submitted no later than February 19, 2013.

The MSRB engages in an extensive notice and comment process in connection with virtually all of its rulemaking initiatives and strategic objectives, including its long-range plan for market transparency. Any proposed regulatory changes to MSRB rules resulting from the current request for comment will be subject to the same public notice and comment process, as well as to the Securities and Exchange Commission’s filing and approval requirements before becoming effective.  

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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