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Contact:  Jennifer A. Galloway, Chief Communications Officer
              (703) 797-6600
              jgalloway@msrb.org

MSRB OPENS MUNICIPAL ADVISOR REGISTRATION SYSTEM  

Alexandria , VA The Municipal Securities Rulemaking Board (MSRB) today opened its registration system for municipal advisors.

As of October 1, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act expanded the regulatory jurisdiction of the MSRB to include municipal advisors. Municipal advisor firms must register with the MSRB by December 31, 2010 in order to engage in municipal advisory activities. Any municipal advisor that engages in municipal advisory activities without registering with the MSRB after December 31, 2010 will be in violation of MSRB rules.

Individual municipal advisors are not required to register with the MSRB unless they are sole proprietors. Prior to registering with the MSRB, municipal advisors must be registered with the Securities and Exchange Commission.

Any municipal advisor that has previously registered with the MSRB as a broker, dealer or municipal securities dealer must register separately with the MSRB as a municipal advisor by updating its existing MSRB account.

Municipal advisor registration Instructions are available on the municipal advisor registration page of the MSRB’s website, at www.msrb.org.

In conjunction with the new registration system for municipal advisors, the MSRB has made changes to its dealer registration system. Effective today, all registration and account management is conducted electronically. Click here to read more.


The Municipal Securities Rulemaking Board (MSRB) protects and strengthens the municipal bond market, enabling access to capital, economic growth, and societal progress in tens of thousands of communities across the country. MSRB fulfills this mission by creating trust in our market through informed regulation of dealers and municipal advisors that protects investors, issuers and the public interest; building technology systems that power our market and provide transparency for issuers, institutions, and the investing public; and serving as the steward of market data that empowers better decisions and fuels innovation for the future. MSRB is a self-regulatory organization governed by a board of directors that has a majority of public members, in addition to representatives of regulated entities. MSRB is overseen by the Securities and Exchange Commission and Congress.