Sources and Uses of Funding

As a self-regulatory organization, the MSRB receives no taxpayer dollars and operates using funds received primarily from market participants that it is Congressionally mandated to regulate. See the MSRB Funding Policy, which provides guidance and continuity in funding decisions and helps align strategic, operational and financial planning. The MSRB publishes an annual budget and full audited financial statements in support of corporate transparency.

Revenues

The MSRB strives to diversify the organization’s funding sources among regulated entities and other entities that fund MSRB products and services in a manner that ensures the MSRB’s long-term sustainability, seeking to achieve an equitable balance among regulated entities and a fair allocation of the costs of systems and services among other users and regulated entities to the extent allowed by law.

Expenses

The MSRB's mission requires investment in people and technology to create informed regulation, build and operate technology systems and provide market data to protect and strengthen the municipal bond market. The MSRB’s use of funds reflect the organization’s core mission and include distinct programs aimed at achieving our Congressional mandate to protect investors, issuers and the public interest in an efficient and effective manner.

Reserves

To carry out the MSRB's Congressionally mandated mission, the organization must have financial stability, and maintain sufficient reserves to operate without interruption, regardless of market conditions. The Board reviews the target reserves level each year as part of the annual budget process to respond to the organization’s changing risks and needs and strives to manage reserves at the appropriate target level.