The Office of Municipal Securities oversees municipal advisor regulation, municipal securities market structure initiatives, and municipal securities disclosure initiatives. It administers SEC rules pertaining to municipal securities brokers and dealers, municipal advisors, investors in municipal securities, and municipal issuers.

This office is responsible for Municipal Securities Rulemaking Board (MSRB) oversight, which includes reviewing and processing proposed rule changes and assisting with examinations of the MSRB.  Office of Municipal Securities staff work closely with the municipal securities industry to educate various market groups, state and local officials, and conduit borrowers about SEC rules.  

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Dave Sanchez

Director, Office of Municipal Securities

Municipal Securities Disclosure

Rulemaking, no-action and interpretive letters, and other materials related to the disclosure obligations of municipal securities market participants.

Municipal Advisors

FAQs, registration forms, and other resources pertaining to municipal advisors who provide advice to or on behalf of a municipal entity.

Municipal Securities Enforcement

SEC enforcement actions related to misconduct in the municipal securities market, including pay-to-play violations.

Comment on MSRB Rulemaking

Submit public comments on rule proposals and other filings made by the Municipal Securities Rulemaking Board.

Municipal Securities Events

The SEC holds conferences and conducts outreach programs to bring municipal securities market participants together with regulators to discuss important issues and concerns.

Municipal Securities Resources

Various resources and materials specific to the municipal securities market: