What is the role of the Municipal Securities Rulemaking Board (MSRB)?

The Municipal Securities Rulemaking Board (MSRB) plays a critical role in the regulation of the municipal securities market by establishing rules and regulations for the conduct of municipal securities transactions. This includes creating standards for fair practice among broker-dealers, municipal advisors, and other market participants, which helps ensure transparent and efficient trading in the municipal bond market.

The MSRB does not engage in direct enforcement of laws but issues rules that govern the behavior and practices within the municipal securities industry. This oversight promotes the fairness and integrity of transactions, protecting investors and maintaining the public's trust in the municipal bond market.

The scope of MSRB's responsibilities centers around providing the framework necessary for a fair market rather than engaging in activities like bond pricing, issuing bonds, or developing marketing strategies, which are outside its regulatory mandate.