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Abstract: 

This article reviews the Municipal Securities Rulemaking Board 40 years after it was created in 1975 to protect investors by promoting a fair and efficient municipal securities market. The MSRB fulfills its mission by regulating the municipal securities firms, banks, and municipal advisors, and by protecting issuers, the state and local governments and other municipal entities. Part of that protection is by the disclosure of trades through the EMMA system, the official repository for information on all municipal bonds. W. Bartley Hildreth is a professor at the Andrew Young School of Policy Studies at Georgia State University. Christopher “Kit” Taylor is an instructor at Fixed Income Academy and a former executive director of the Municipal Securities Rulemaking Board. Lynnette Kelly is executive director of the MSRB. Robert Doty is president and proprietor of AGFS, a litigation consulting firm in Annapolis, Maryland. Rick A. Fleming is the investor advocate at the U.S. Securities and Exchange Commission.

Keywords: Municipal Securities Rulemaking Board, municipal market regulation, investor protection, Dodd-Frank Act, Securities and Exchange Commission

Affiliations:  1: Georgia State University; 2: Fixed Income Academy; 3: MSRB; 4: AGFS; 5: SEC.