Municipal Securities Rulemaking Board

What it reported doing in 2024

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 Msrb's regulatory accomplishments in fiscal year (fy) 2025 include:-trade reporting: msrb rescinded the not yet effective amendments to rule g-14 requiring trades to be reported within one minute.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

Financial Efficiency

• Mission deployment rate: Limited
• Program expense ratio: Limited
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
• Pay-setting controls: 6 of 6 controls in place; rating input score 100
  • Compensation committee: Pass
  • Independent consultant: Pass
  • Other Form 990s reviewed: Pass
  • Written employment contract: Pass
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Limited
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
• Governance controls: 8 of 9 controls in place; rating input score 89
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 22.5%; rating input score 89; 89th percentile among comparable filings
• Total-asset coverage ratio: 1.96; rating input score 63; 63rd percentile among comparable filings
• Liabilities to assets ratio: 0.16; rating input score 74; 74th percentile among comparable filings
• Officer compensation ratio: 17.4%; rating input score 1; 1st percentile among comparable filings

Growth

• Program expense growth: Limited
• Revenue growth: 3.7% per year; rating input score 100; 30th percentile among comparable filings
• Asset growth: 3.8% per year; rating input score 100; 26th percentile among comparable filings