Municipal Securities Rulemaking Board
Public records raise at least one point you should look into before giving.
What it says it does
SEE SCHEDULE OMSRB'S MISSION IS TO PROTECT AND STRENGTHEN THE MUNICIPAL BOND MARKET, ENABLING ACCESS TO CAPITAL, ECONOMIC GROWTH, AND SOCIETAL PROGRESS IN TENS OF THOUSANDS OF COMMUNITIES ACROSS THE COUNTRY.-WE CREATE TRUST IN OUR MARKET THROUGH INFORMED REGULATION OF DEALERS AND MUNICIPAL ADVISORS THAT PROTECTS INVESTORS, ISSUERS AND THE PUBLIC INTEREST.-WE BUILD TECHNOLOGY SYSTEMS THAT POWER OUR MARKET AND PROVIDE TRANSPARENCY FOR THE INVESTING PUBLIC AND OTHER MARKET PARTICIPANTS.-WE SERVE AS THE STEWARD OF MARKET DATA THAT EMPOWERS BETTER DECISION MAKING AND FUELS INNOVATION FOR THE FUTURE.
- Income
- $64.1 million
- Spending
- $49.7 million
- Employees
- 147
- Volunteers
- 0
- Highest pay
- $892,935, president and ceo
Source: Form 990 for the year ending September 30, 2025, filed with the Internal Revenue Service. How we rate
Financial health
We do not score finances when yearly spending is very small or the return has too little detail. The ratios stop meaning much at that size.
Source: Form 990 for the year ending September 30, 2025, filed with the Internal Revenue Service. How we rate
Governance
This return does not answer enough of the governance questions to score.
Source: Form 990 for the year ending September 30, 2025, filed with the Internal Revenue Service. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (4)
- MARKET REGULATION: MSRB WAS ESTABLISHED BY CONGRESS TO REGULATE SECURITIES FIRMS, BANKS AND MUNICIPAL ADVISORS THAT TRANSACT IN MUNICIPAL SECURITIES AND ENGAGE IN MUNICIPAL ADVISORY ACTIVITIES (COLLECTIVELY "REGULATED ENTITIES") WITH THE GOAL OF PROTECTING INVESTORS, MUNICIPAL ENTITIES, OBLIGATED PERSONS, AND THE PUBLIC INTEREST. (CONTINUED ON SCHEDULE O)MSRB WORKS TO PROTECT INVESTORS AND ISSUERS BY CREATING FAIR, CLEAR, AND EFFECTIVE RULES FOR THE MUNICIPAL SECURITIES MARKET. ITS GOAL IS TO MAKE THE MARKET STRONGER AND MORE COMPETITIVE BY LEVELING THE PLAYING FIELD FOR MARKET PARTICIPANTS AND PROMOTING CAPITAL FORMATION. MSRB'S REGULATORY ACCOMPLISHMENTS IN FISCAL YEAR (FY) 2025 INCLUDE:-TRADE REPORTING: MSRB RESCINDED THE NOT YET EFFECTIVE AMENDMENTS TO RULE G-14 REQUIRING TRADES TO BE REPORTED WITHIN ONE MINUTE. MSRB RETAINED THE CURRENT 15-MINUTE REPORTING STANDARD AFTER DISCUSSION WITH MARKET PARTICIPANTS BUT AMENDED THE RULE TO REQUIRE DEALERS, BEGINNING IN JULY 2026, TO REPORT TRADES "AS SOON AS PRACTICABLE AND HAVE CLEAR POLICIES IN PLACE TO MEET THIS NEW REQUIREMENT.-MSRB ALSO MAINTAINED ITS FOCUS ON RETROSPECTIVE RULE REVIEWS TO ENSURE ITS RULES ARE ACHIEVING THEIR INTENDED PURPOSES AND DON'T CREATE UNNECESSARY BURDENS. MSRB LAUNCHED FIVE MAJOR REVIEWS OF EXISTING RULES:-ADAPTING DEALER SUPERVISION RULES TO THE MODERN WORKPLACE (RULE G-27)-STREAMLINING THE PRIMARY MARKET DISCLOSURE AND DATA SUBMISSION PROCESS (RULE G-32 AND RULE G-34)-UPDATING MUNICIPAL ADVISOR RULES; AND-MODERNIZING DISCLOSURE AND OTHER OBLIGATIONS FOR MUNICIPAL FUND SECURITIES
- MARKET TRANSPARENCY: MSRB HELPS PROTECT AND IMPROVE THE MUNICIPAL SECURITIES MARKET BY RUNNING THE TECHNOLOGY INFRASTRUCTURE. AT THE CENTER OF THIS SYSTEM IS THE (EMMA) ELECTRONIC MUNICIPAL MARKET ACCESS WEBSITE AT EMMA.MSRB.ORG., WHICH GIVES ALL MUNICIPAL MARKET PARTICIPANTS AND THE PUBLIC ACCESS, FREE OF CHARGE, TO KEY MUNICIPAL SECURITIES DATA. (CONTINUED ON SCHEDULE O)IN 2025, MSRB CONTINUED TO INVEST IN A MAJOR REDESIGN OF ITS EMMA WEBSITE, SET TO LAUNCH IN 2026.THIS MULTI-YEAR PROJECT HAS INCLUDED STAKEHOLDER FEEDBACK FROM EMMA USERS THROUGHOUT THE PROCESS, INCLUDING MORE THAN 100 INDUSTRY EXPERTS AND MARKET PARTICIPANTS DURING BETA TESTING OVER THE LAST YEAR. THE NEW EMMA WILL OFFER A MODERN LOOK AND FEEL, EASIER NAVIGATION, A CUSTOMIZABLE DASHBOARD, ENHANCED SEARCH TOOLS, AND NEW DATA, INCLUDING OBLIGOR INFORMATION FOR THE FIRST TIME IN MSRB HISTORY.
- MARKET INTEGRITY: MSRB REGULARLY ANALYZES THE DATA IT COLLECTS TO IDENTIFY TRENDS AND INFORM REGULATORY DECISION MAKING AND PUBLISHES RESEARCH TO ASSISTPOLICYMAKERS, MARKET PARTICIPANTS AND THE PUBLIC IN UNDERSTANDING THE MUNICIPAL SECURITIES MARKET. (CONTINUED ON SCHEDULE O)RESEARCH REPORTS PUBLISHED OVER THE PAST YEAR COVERED A VARIETY OF TOPICS INCLUDING:-LIQUIDITY IMPACT OF MUNICIPAL BOND ETFS ON MUNICIPAL SECURITIES MARKET: AN UPDATED ANALYSIS-MAJOR TRENDS IN THE MUNICIPAL SECURITIES PRIMARY MARKET-TRENDS IN MUNICIPAL SECURITIES TRADING: BROKER'S BROKERS VS. ALTERNATIVE TRADING SYSTEMS-PERFORMANCE OF MUNICIPAL BOND EXCHANGE-TRADED FUNDS DURING APRIL 2025-A COMPARISON OF TRANSACTION COSTS FOR MUNICIPAL SECURITIES AND OTHER FIXED INCOME SECURITIES-CONVERGENCE OF INDIVIDUAL AND INSTITUTIONAL TRADING DYNAMICS IN SMALL SIZE TRADES-WHAT DRIVES TRADING VOLUME IN THE MUNICIPAL SECURITIES MARKET? A STUDY OF LIKELY FACTORSMSRB ALSO PUBLISHES QUARTERLY AND ANNUAL MUNICIPAL SECURITIES MARKET SUMMARIES HIGHLIGHTING KEY DEVELOPMENTS IN YIELDS, TRADING VOLUME, NEW ISSUANCE, AND MUTUAL FUNDFLOWS, AS WELL AS MONTHLY DATA AND AN ANNUAL MSRB FACT BOOK.
- FINANCIAL STEWARDSHIP:AS A SELF REGULATORY ORGANIZATION, MSRB RELIES ON FEES PAID BY REGULATED ENTITIES TO FUND ITS OPERATIONS AS OPPOSED TO APPROPRIATIONS FROM THE FEDERAL GOVERNMENT. MSRB IS COMMITTED TO PRUDENT STEWARDSHIP OF THE RESOURCES IT RECEIVES FROM REGULATED ENTITIES.IN FY 2025, MSRB ADOPTED A NEW MULTI-YEAR RATE CARD. THE MULTI-YEAR RATE CARD SETS RATES FOR CALENDAR YEARS 2026 THROUGH 2029, OFFERING REGULATED FIRMS GREATER FEE PREDICTABILITY. AS PART OF THIS CHANGE, MSRB WILL RETURN TO THE INDUSTRY MORE THAN $23 MILLION IN SURPLUS RESERVES-GENERATED BY EXTRAORDINARY MARKET ACTIVITY OVER THE PAST TWO YEARS-VIA TEMPORARY FEES CREDITS ON DEALER MARKET ACTIVITY FEES THROUGH 2027.
Source: Form 990 for the year ending September 30, 2025, filed with the Internal Revenue Service. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(6) business league.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated October 13, 2026.
Are donations tax-deductible? Caution.
The IRS master file records contributions to this 501(c)(6) business league as not deductible.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending September 2025.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since July 1989.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 21, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.