The Municipal Securities Rulemaking Board Reform Act of 2026 restructures the governance and operations of the Municipal Securities Rulemaking Board (MSRB), which oversees the municipal securities market. The bill replaces the current MSRB governance structure with a 15-member board appointed by the Securities and Exchange Commission (SEC), consisting of a majority of industry representatives (brokers, dealers, and municipal advisors) along with public representatives from investors, municipal entities, and the general public, with members serving staggered three-year terms. The MSRB is granted regulatory authority to establish rules governing municipal securities transactions, professional qualifications, fraud prevention, and operational requirements for market participants, while also being required to coordinate regularly with the SEC and other securities associations on enforcement and regulatory matters. The bill authorizes the MSRB to establish fee structures for market participants, create information systems, and requires the SEC to adopt uniform data standards for submitted information and issue implementing rules, including setting maximum compensation limits for board members. This reform modernizes how the municipal securities market—which serves state and local governments—is overseen and regulated.
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