Municipal Securities Rulemaking Board (MSRB)

Responsible for developing and maintaining the MSRB rules that establish responsibilities and standards for brokers, dealers and municipal securities dealers effecting municipal securities transactions and for municipal advisors that engage in municipal advisory activities. Market Regulation also maintains the MSRB's professional qualifications program, create compliance and educational resources for regulated entities and provide assistance to other securities regulators that examine for compliance with and enforce MSRB rules: See Schedule O

Responsible for initiatives that provide insight into the municipal market through data research and analysis. This includes a focus on the governance, quality and analysis of data collected by the MSRB's market transparency systems and providing economic analysis and research relating to regulatory and transparency projects. Economic analysis informs the regulatory approach to addressing an identified need for rulemaking and evaluates the cost of the regulation against the benefit to the market. Working with market transparency and technology, this program also guides strategic development and ongoing improvements of MSRB's market transparency systems including the EMMA website: See Schedule O

Responsible for developing and operating the MSRB's market transparency and information systems that receive, process and disseminate market-critical data and documents relied on by the municipal securities market, supporting business operations and optimizing the business experience. Cybersecurity prevention, detection and incident response are also the responsibility of this program: See Schedule O