Who Enforces Msrb Rules

• The Federal Deposit Insurance Corporation (FDIC) enforces MSRB rules for public and local banks that are not part of the Federal Reserve System. The Municipal Securities Rulemaking Board (MSRB) drafts investor protection rules and other rules governing broker-dealers and banks in the U.S. municipal securities market, including tax-exempt and taxable municipal bonds, municipal bonds, and other securities issued by states, cities, and counties or their agencies to finance public projects or for other public policy purposes. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 expanded the regulatory authority of the MSRB to also regulate city councillors, which include financial advisors, swap advisors, guaranteed investment dealers and other market participants who advise on the issuance of municipal securities and provide certain other types of advice to state and local governments. Public pension funds and other municipal bodies on municipal derivatives, investment strategies and other financial matters. In March 2013 [update], as the SEC did not publish the definition of “city councillor”, the MFSC`s rules in this regard are suspended, and there are significant industry concerns about whether insurers and/or other regulated professionals can be considered city councillors and therefore have the associated fiduciary duties. The RMHC`s investor protection rules will be extended to the protection of municipal facilities. Municipal consultants. The MSRB`s rules for municipal consultants are enforced by the SEC. The Municipal Securities Rulemaking Board (MSRB) is a self-regulatory organization (SRO) administered by a board of directors composed of four committees that oversee certain aspects of the governance and operations of the organization. Like the New York Stock Exchange (NYSE) or the National Association of Securities Dealers (NASD/FINRA), the MSRB sets its own rules and standards, but these are subject to final oversight by the Securities and Exchange Commission (SEC).

• The Comptroller of the Mint applies the rules of the MSRB for national banks and their subsidiaries, divisions or departments. The MSRB`s investor protection rules also apply to 529 state-run plans marketed by broker-dealers, as well as the underwriting, sale and trading of Build America bonds and other taxable municipal bonds. In addition, the CSSM operates the Electronic Access to Municipal Markets (EMMA) system, which provides free online access to comprehensive municipal securities information documents, trading prices, interest rate information and market statistics. The Municipal Securities Rulemaking Board (MSRB) is a regulatory body that sets rules and guidelines for investment firms and banks when issuing and selling municipal bonds, debt and other municipal securities. States, cities, and counties issue municipal titles for a variety of reasons. Broker-dealer. MSRB rules for broker-dealers are generally enforced by the SEC and FINRA.