The Municipal Securities Rulemaking Board has begun a sweeping review of its regulations, seeking to revise or retire out-of-date rules, it said on Tuesday.
The board is a self-regulatory organization made up of bond issuers, bankers and analysts that writes the rules that the federal government enforces through the Securities and Exchange Commission.
Over the last five years, the board's responsibilities have expanded, with its web site known as EMMA becoming the central repository for all disclosures in the $3.7 trillion municipal bond market and the financial regulatory law known as Dodd-Frank giving it more power. It has already made many changes in its oversight of the ever-evolving market, but mostly in the incremental fashion of changing rules individually.
"An inherent advantage of the MSRB's status as a self-regulatory organization is that its rules and other activities are grounded in the insight of actual participants in the marketplace," said MSRB Executive
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