Municipal Securities Rule Making Board / MSRB is the self-regulatory organization, which oversees the issuance and trading of municipal bonds. The MSRB’s rules are enforced by other industry SRO’s.
Firm’s that engage in the business of trading or market making in municipal securities are governed by the MSRB, which was formed in 1975. The MSRB makes the rules regarding municipal bonds, but does not actually enforce those rules. The rules are enforced by FINRA, the SEC, the FDIC, the FRB and the Comptroller off the currency. In that it only makes the rules and does not actually enforce them, the MSRB is not a true SRO, the way the NYSE and FINRA are.
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