MSRB Monthly Update - October 2014

Upcoming Events

Compliance Outreach Program for Municipal Advisors
Monday, Nov. 3, 2014
8:30 a.m. to 4:00 p.m. CDT

The SEC, FINRA and the MSRB are hosting a compliance outreach program for municipal advisor professionals to promote strong compliance practices among this newly regulated group of financial professionals. 

Centered Blue Register Button

A live webcast will be available on the SEC's website at Webcast registration not required.

Did You Know?

The MSRB is still seeking comment from municipal market participants and the general public about its strategic priorities. The deadline for submitting comments is October 23, 2014. 


The MSRB and Regulatory Efficiency

For the past several years, the MSRB has been engaged in an effort to promote regulatory efficiency by ensuring that new and existing municipal securities regulations function as efficiently as possible and are consistent with those of other regulators, when possible.

In early 2013, the MSRB began a comprehensive review of its Rule Book, with the goal of revising, reorganizing or retiring MSRB rules based on an assessment of current market practices and input from regulated entities, other market stakeholders and regulators. Rule changes resulting from the review seek to promote more effective and efficient compliance for regulated entities, and to align MSRB rules with those of other self-regulatory organizations or government agencies where appropriate.

To date, the MSRB has amended, consolidated and streamlined several rules in response to recommendations received from stakeholders. These are listed below. More information about each of the changes can be found by clicking on the title.

Another change aimed at enhancing regulatory efficiency is the MSRB’s implementation in 2013 of a revised format for new rules that is consistent with that of other financial regulators. All new and amended MSRB rules now contain a “Supplementary Material” section in addition to rule language.


Cooperation and Coordination with Other Regulators

As part of the MSRB’s focus on regulatory efficiency, it has enhanced its interaction with other regulators. The MSRB collaborates extensively with the Securities and Exchange Commission in its oversight of the municipal market, and provides enforcement support to regulatory authorities that examine for compliance with and enforce MSRB rules, including FINRA and federal bank regulators. The MSRB frequently provides rule interpretations and training for examiners, and facilitates access to municipal market information in support of their examinations and enforcement activities. Frequent communications also occur between the MSRB and other federal regulators, such as the Internal Revenue Service, where the MSRB assists with the agency’ enforcement of tax laws related to municipal securities.


Recent MSRB Publications

Rule Book

MSRB Updated Quarterly Rule Book Now Available

Each quarter, the MSRB publishes an updated PDF of its entire Rule Book. The October 1, 2014 version is now available on