Municipal Securities Rulemaking Board

Market transparency: msrb collects municipal market data and disclosure documents from regulated entities, municipal entities, obligated persons and/or their agents. Msrb promotes market transparency and efficiency by making this information available to the public, free of charge, on its electronic municipal market access (emma) website at emma.msrb.org. (continued on schedule o)in 2024, msrb made several enhancements to its emma website, including the addition of a new aaa-rated municipal yield curve, which is updated hourly. Msrb also improved the transparency of disclosure information available to market participants by clarifying whether the issuer or the obligated person associated with a municipal bond issue has agreed to provide disclosure information as required by sec rule 15c2-12. In 2025, msrb expects to launch a modernized emma featuring a redesigned user interface and user experience, one that will allow a more personalized experience, improved navigation and enhanced search features and functionality. This has been a multi-year endeavor, which has benefited from extensive input from a wide variety of market participants.

Market integrity: msrb regularly analyzes the data it collects to identify trends and inform regulatory decision making, and publishes research to assist policymakers, 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:- an analysis of primary vs. Recently issued and competitive vs. Negotiated municipal securities markets- an analysis of the timing of annual financial disclosures by issuers of municipal securities- a review of recent developments in pre-trade market activity in municipal securities- a review of trading patterns in the municipal securities market- quarterly and annual summaries of developments in the municipal securities marketin addition, consistent with its mandate to protect investors, issuers and the public interest, msrb provides objective municipal market education, offering free educational resources to help investors, issuers and other market participants make informed decisions. Continuing its effort to improve the accessibility of information in its online education center, msrb published a series of new web pages to streamline its existing content, making it easier for market participants to access and understand. Msrb also revised its professional qualifications web pages, providing more detailed information and breaking up the content to make it easier for dealers and municipal advisors to find relevant information about qualifications, exams and continuing education.

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.msrb recognizes and upholds its commitment to maintaining reasonable fees that are necessary or appropriate to advance its congressional mandate. To this end, msrb issued a request for information in fy 2024 soliciting stakeholder feedback to inform potential modifications to its fee-setting process and rate card model.