Glossary Word Definition: Municipal Securities Rulemaking Board (MSRB)
Municipal Securities Rulemaking Board (MSRB)
An independent self-regulatory organization established by the Securities Acts Amendments of 1975, which is charged with primary rulemaking authority over dealers, dealer banks and brokers in municipal securities. Its 15 members are divided into three categories - securities firms representatives, bank dealer representatives and public members - each category having equal representation on the Board.