Municipal Securities Rulemaking Board, also known as MSRB was established in 1975 by the U.S. Congress. MSRB develops rules regulating securities firms and banks involved in underwriting, trading, and selling municipal securities- bonds and notes issued by states, cities, and counties or their agencies to help finance public projects. The board formulates rules for administrative, definitional and general purposes. MSRB is a self-regulatory organization, and is not funded by the federal government. Its operations are financed by fees and assessments paid by the dealer community. The board comprises 15 members that include five representatives of bank dealers and securities firms, and five public members. Municipal Securities Rulemaking Board is headquartered in Alexandria, Va.
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