The Past and Future of Municipal Securities: Fortieth Anniversary of the Municipal Securities Rulemaking Board

W. Bartley Hildreth, Christopher “Kit” Taylor, Lynnette Kelly, Robert Doty and Rick A. Fleming

Municipal Finance Journal, 2016, vol. 37, issue 1, 1 - 23

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. This discussion includes two of the three executive directors of the MSRB, a longstanding observer-participant in the market who has had various roles in the market, and the investor advocate for the Securities and Exchange Commission.

Date: 2016
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