• Section 15B(b) of the Exchange Act established a self regulatory organization, the Municipal Securities Rulemaking Board (MSRB), to set rules for brokers, dealers and municipal securities dealers who engage in municipal securities transactions, subject to Commission oversight.¹¹
• However, because the MSRB’s authority is limited only to brokers, dealers and municipal securities dealers, its rules cannot address the problems exposed by SEC enforcement actions which involve issuer disclosure or the activities of other market participants.¹² 

2007 0726 - SEC / COX - Disclosure and Accounting Practices in the Municipal Securities Market, Securities and Exchange Commission - 12p