Municipal Securities Rulemaking Board
From Free net encyclopedia
The Municipal Securities Rulemaking Board, often referred to simply as the MSRB, makes rules regulating dealers who deal in municipal bonds, municipal notes, and other municipal securities in the United States.
The Municipal Securities Rulemaking Board was established in 1975 by the U.S. Congress to develop rules regulating security firms and banks involved in underwriting, trading, and selling municipal securities- bonds and notes issued by states, cities, and counties or their agencies to help finance public projects. The Board, which is composed of members from the municipal securities dealer community and the public, sets standards for all municipal securities dealers. Like the New York Stock Exchange or the National Association of Securities Dealers (NASD), the Board is a self-regulatory organization that is subject to oversight by the Securities and Exchange Commission.
Congress defined state-issued 529 plans as falling under the auspices of the MSRB, since they are securities programs administered by state governments.
Interestingly the MSRB, while responsible for oversight of municipal securities is not placed with the task of enforcing any of the rules regarding securities dealings. Instead, this task is relegated to the NASD.
See also
- List of finance topics
- National Association of Securities Dealers, another U.S. regulatory organisation.