Municipal Securities Rulemaking Board

Municipal Securities Rulemaking Board (MSRB)

A 15-member self-regulatory board that sets and oversees the standards and practices of the municipal securities industry. The board is of particular importance since the issuing and trading of municipal securities are not subject to much of the federal regulation affecting other security transactions.

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Municipal Securities Rulemaking Board

A self-regulatory organization in the United States that provides regulations and guidelines for municipal bonds and other municipal securities. Its rulings apply both to municipalities that issue securities and to the firms that underwrite them. While it makes and publishes all guidelines, responsibility for enforcement resides with the SEC. Established in 1975, the MSRB consists of 15 members chosen to represent bank dealers, securities firms, and the general public; these serve in staggered three-year terms.