Office of Municipal Securities

Office of Municipal Securities

Office of Municipal Securities

About the Office

The Office of Municipal Securities coordinates the SEC's municipal securities activities, administers SEC rules relating to the municipal securities market, advises the Commission on policy matters relating to the municipal bond market, and provides technical assistance in the development and implementation of major SEC initiatives in the municipal securities area. In addition, the Office assists the Division of Enforcement and other SEC Offices and Divisions on a wide array of municipal securities matters. The Office works closely with the municipal securities industry to educate state and local officials and conduit borrowers about the Commission's rules and foster a thorough understanding of the Commission's policies. In addition, it reviews and processes rule filings of the Municipal Securities Rulemaking Board and acts as the Commission's liaison with the MSRB, FINRA, and a variety of industry groups on municipal securities issues.

The Municipal Securities Market

Following an SEC staff review of the municipal securities market, which included examination of a wide range of issues, such as disclosure and transparency, financial reporting and accounting, and investor protection and education, the Commission issued a comprehensive report on the municipal securities market in July 2012. This report includes recommendations to help improve the structure of the $3.7 trillion municipal securities market and enhance the disclosures provided to investors. The recommendations address concerns raised by market participants and others in public field hearings and meetings as well as the public comment process during the agency's review, which was initiated by SEC Chairman Mary Schapiro in mid-2010 and led by SEC Commissioner Elisse Walter.

Protecting investors in the municipal securities market is a core function of the Commission, and the SEC staff remains dedicated to gathering further information about the market to help implement these recommendations to improve the state of the municipal securities market and help investors.

MSRB Rulemaking

We encourage the public to submit comments on MSRB rule filings during applicable comment periods. For detailed instructions, please read How to Submit Comments. All comments will be made available to the public. MSRB rule filings and related comment letters can be found on the SEC's MSRB rulemaking webpage.

Contact Information

Office of Municipal Securities: (202) 551-5680

Other SEC Contact Information

If you are interested in employment opportunities with the Office of Municipal Securities, submit your resume to OMS-Resumes@SEC.Gov

What's New

OMS Letter to the MSRB Regarding ABLE Accounts (Mar. 31, 2016)

Municipal Advisor Information & Resources

List of Registered Municipal Advisors (updated monthly)
For free access to a registered municipal advisor's SEC filings (e.g., Form MA and Form MA-I) refer to the EDGAR Company Filings website
2016 Compliance Outreach Program for Municipal Advisors - Webcast Archive (Feb. 3, 2016)
2014 Compliance Outreach Program for Municipal Advisors - Webcast Archive (Nov. 3, 2014)
Municipal Advisor Exam Initiative (Aug. 19, 2014)

Municipal Advisor Rule, Commission Order, and FAQs

Final Municipal Advisor Registration Rule (Sept. 20, 2013) Federal Register Version (Nov. 12, 2013)
Temporary Stay of Final Municipal Advisor Registration Rule (Jan. 13, 2014) Federal Register Version (Jan. 16, 2014)
Order Designating the Financial Industry Regulatory Authority to Administer Professional Qualification Tests for Associated Persons of Registered Municipal Advisors (Aug. 17, 2015) Federal Register Version (Aug. 21, 2015)
Frequently Asked Questions | (PDF) (updated May 19, 2014)

Municipal Advisor Registration Forms

EDGAR Links

New EDGAR filers must apply for EDGAR access at the EDGAR Filer Management Website by electronically submitting a Form ID
Contact EDGAR filer support staff at (202) 551-8900 for additional Form ID information
Refer to Sections 9.2.13 - 9.2.14 of EDGAR Filer Manual (Volume II) for a description of the general process for preparing and submitting the Form MA Series
To file the Form MA Series log-in to the EDGAR Filer Website

Information and Resources

EMMA Website - Continuing Disclosure Filing Location and Public Access to Information on Municipal Securities
SEC Enforcement Division Modifies Municipalities Disclosure Initiative (Jul. 31, 2014)
Municipalities Continuing Disclosure Cooperation Initiative: Details (Mar. 10, 2014)
Municipal Issuer Access to CUSIP Numbers
Amendments to Municipal Securities Disclosure (May 26, 2010)
Amendments to Municipal Securities Disclosure: Small Entity Compliance Guide (May 26, 2010)
Press Release on New Measures to Provide More Transparency for Municipal Bond Investors
(Dec. 8, 2008)
Final SEC Rule Amendments Relating to the Establishment of a Continuing Disclosure Service of the Electronic Municipal Market Access System (EMMA)
(Dec. 5, 2008)
Approval of MSRB Proposed Rule Change relating to EMMA Continuing Disclosure Service
(Dec. 5, 2008)
"NABL 2" Interpretive Letter (Sept. 19, 1995)
"NABL 1" Interpretive Letter (Jun. 23, 1995)
Adopting Release for 1994 Amendments to Rule 15c2-12 (Nov. 10, 1994)
1994 Interpretive Release (Mar. 9, 1994)
Exchange Act Rule 15c2-12

Muni Advisors Acted Deceptively With California School Districts (Jun. 13, 2016)
Municipal Advisor Charged for Failing to Disclose Conflict (Mar. 15, 2016)
California Water District to Pay Penalty for Misleading Investors (Mar. 9, 2016)
SEC Charges RhodeIsland Agency and Wells Fargo with Fraud in 38 Studios Bond Offering (Mar. 7, 2016)
SEC Completes Muni-Underwriter Enforcement Sweep (Feb. 2, 2016)
SEC Sanctions 22 Underwriting Firms for Fraudulent Municipal Bond Offerings (Sept. 30, 2015)
Edward Jones to Pay $20 Million for Overcharging Retail Customers in Municipal Bond Underwritings (Aug. 13, 2015)
SEC Charges 36 Firms for Fraudulent Municipal Bond Offerings (Jun. 18, 2015)
Court Enters Default Judgment Against SEC Defendant Joseph T. Letke (Jan. 27, 2015)
City of Harvey Agrees to Settle Charges Stemming from Fraudulent Bond Offering Scheme (Dec. 5, 2014)
SEC Charges Allen Park, Mich. and Two Former City Leaders in Fraudulent Muni Bond Offering for Movie Studio Project (Nov. 6, 2014)
SEC Sanctions 13 Firms for Improper Sales of Puerto Rico Junk Bonds (Nov. 3, 2014)
SEC Charges Kansas for Understating Municipal Bond Exposure to Unfunded Pension Liability (Aug. 11, 2014)
SEC Charges California School District with Misleading Investors (Jul. 8, 2014)
SEC Obtains Court Order to Halt Fraudulent Bond Offering by City of Harvey, Ill. (Jun. 25, 2014)
SEC Charges Charter School Operator in Chicago With Defrauding Bond Investors (Jun. 2, 2014)
SEC Charges Municipal Issuer in Washington’s Wenatchee Valley Region for Misleading Investors (Nov. 5, 2013)
SEC Charges Operator of Miami-Dade County’s Largest Hospital With Misleading Investors (Sept. 5, 2013)
SEC Charges School District and Muni Bond Underwriter in Indiana With Defrauding Investors (Jul. 29, 2013)
SEC Charges Miami and Former Budget Director With Municipal Bond Offering Fraud (Jul. 19, 2013)
SEC Charges South Miami With Defrauding Investors About Tax-Exempt Status of Muni Bonds (May 22, 2013)
SEC Charges Harrisburg for Fraudulent Public Statements (May 6, 2013)
SEC Charges Victorville, Calif., With Defrauding Municipal Bond Investors (Apr. 29, 2013)
SEC Charges Illinois for Misleading Pension Disclosures (Mar. 11, 2013)
SEC Charges Goldman Sachs and VP in Pay-to-Play Probe Involving Contributions to Mass. Treasurer (Sept. 7, 2012)
SEC Charges Former Detroit Mayor and Others in Influence Peddling Scheme (May 9, 2012)
SEC Charges Wachovia With Fraudulent Bid Rigging in Municipal Bond Proceeds (Dec. 8, 2011)
SEC Charges GE Funding Capital Market Services with Fraud Involving Municipal Bond Proceeds (Dec. 23, 2011)
SEC Charges RBC Capital Markets in Sale of Unsuitable CDO Investments to Wisconsin School Districts (Sept. 27, 2011)
SEC Charges Stifel, Nicolaus & Co. and Executive in Sale of Investments to Wisconsin School Districts (Aug. 10, 2011)
SEC Charges J. P. Morgan Securities with Fraudulent Bidding Practices Involving Investment of Municipal Bond Proceeds (Jul. 7, 2011)
SEC Charges Banc of America Securities with Fraud in Connection with Improper Bidding Practices (Dec. 7, 2010)
Former San Diego Officials Agree to Pay Financial Penalties in Municipal Bond Fraud Case (Oct. 27, 2010)
SEC Charges State of New Jersey for Fraudulent Municipal Bond Offerings (Aug. 18, 2010)
SEC Warns Firms on Muni Pay-to-Play Rules (Mar. 18, 2010)
SEC Charges JP Morgan in Scheme to Win Business Involving Muni Bonds (May 4, 2009)
SEC Charges Broker With Defrauding Two Florida Municipalities (Dec. 29, 2009)
J.P. Morgan Settles SEC Charges in Jefferson County, Ala. Illegal Payments Scheme (Nov. 4, 2009)
SEC Finalizes ARS Settlements with Bank of America, RBC, and Deutsche Bank (Jun. 3, 2009)
SEC Finalizes Auction Rate Securities Settlements With Citigroup and UBS Providing Nearly $30 Billion in Liquidity to Investors (Dec. 11, 2008)
Cases and Materials Supplement (Dec. 2010)
Cases and Materials Supplement (Dec. 2003)
Cases and Materials Supplement (Jan. 2001)
Cases and Materials (Sep. 1999)

Statement on Edward D. Jones Enforcement Action, by Commissioners Luis A. Aguilar, Daniel M. Gallagher, Kara M. Stein and Michael S. Piwowar (Aug. 13, 2015)
Remarks at University of South Carolina and UNC-Charlotte 4th Annual Fixed Income Conference, by Commissioner Michael S. Piwowar (Apr. 21, 2015)
A Watched Pot Never Boils: the Need for SEC Supervision of Fixed Income Liquidity, Market Structure, and Pension Accounting, by Commissioner Daniel M. Gallagher (Mar. 10, 2015)
Statement on Making the Municipal Securities Market More Transparent, Liquid, and Fair, by Commissioner Luis A. Aguilar (Feb. 13, 2015)
Advocating for Investors Saving for Retirement, by Commissioner Luis A. Aguilar (Feb. 5, 2015)
Keynote Address at Columbia Law School Conference on Current Issues in Securities Regulation: The ‘Hot’ Topics, by Commissioner Kara M. Stein (Nov. 21, 2014)
Remarks to the Georgetown University Center for Financial Markets and Policy Conference on Financial Markets Quality, by Commissioner Daniel M. Gallagher (Sept. 16, 2014)
Remarks at the 2014 Municipal Finance Conference presented by The Bond Buyer and Brandeis International Business School, by Commissioner Michael S. Piwowar (Aug. 1, 2014)
Intermediation in the Modern Securities Markets: Putting Technology and Competition to Work for Investors, by Chair Mary Jo White (Jun. 20, 2014)
Remarks at Municipal Securities Rulemaking Board’s 1st Annual Municipal Securities Regulator Summit, by Commissioner Daniel M. Gallagher (May 29, 2014)
Opening Statement Before the Commission Open Meeting - Municipal Advisors and Pay Ratio Disclosure, by Chair Mary Jo White (Sept. 18, 2013)
Statement at Open Meeting Regarding Municipal Advisors and Pay Ratio Disclosure, by Commissioner Michael S. Piwowar (Sept. 18, 2013)
Statement at SEC Open Meeting – Adoption of Rules Regarding Municipal Advisor Registration, by Commissioner Daniel M. Gallagher (Sept. 18, 2013)
Statement at Open Meeting - Adoption of Rules Regarding Municipal Advisor Registration, by Commissioner Kara M. Stein (Sept. 18, 2013)
Enhancing Oversight of Municipal Advisors to Prevent Further Abuses in the Municipal Finance Market and Protect Investors, by Commissioner Luis A. Aguilar (Sept. 18, 2013)
Remarks on News Conference Call About the SEC's Report on the Municipal Securities Market, by Commissioner Elisse B. Walter (Jul. 31, 2012)
Remarks at Investment Company Institute 2010 General Membership Meeting, by Chair Mary Schapiro (May 7, 2010)
Remarks before the 43rd Annual Securities Regulation Seminar, by Commissioner Elisse Walter (Oct. 29, 2010)
Key Note Address before the National Association of Bond Lawyers 35th Bond Attorneys' Workshop, by Commissioner Elisse Walter (Oct. 28, 2010)
Regulation of the Municipal Securities Market: Investors Are Not Second-Class Citizens, by Commissioner Elisse Walter (Oct. 28, 2009)
Opening Statement Before the Commission Open Meeting, by Chairman Mary L. Schapiro (Jul. 15, 2009)
Testimony Concerning Legislative Proposals to Improve the Efficiency and Oversight of Municipal Finance, by Martha Mahan Haines (May 21, 2009)
Regulation of the Municipal Securities Market: Investors Are Not Second-Class Citizens, by Commissioner Elisse B. Walter (Oct. 28, 2008)
Remarks to the 2008 Bond Attorney's Workshop of the National Association of Bond Lawyers, by Erik R. Sirri, Chicago, Illinois (Sept. 17, 2008)
Perspectives on Public Transparency, Second Internal Control & Fraud Conference of the Association of Governmental Accountants, by Martha Mahan Haines (Sept. 11, 2007)
Comments to the Tenth Annual Conference of Women in Public Finance, by Martha Mahan Haines, Chicago, Illinois (Sept. 29, 2006)

Electronic Municipal Market Access (EMMA)
Municipal Securities Rulemaking Board
Spotlight on the Municipal Market
FINRA: Municipal Bonds - Important Considerations for Individual Investors
Extension of Temporary Registration of Municipal Advisors (Sept. 23, 2013)
Fixed Income Roundtable (Apr. 16, 2013)
No-Action Letter Regarding NetRoadshow, Inc. (Jan. 29, 2013)
Report on the Municipal Securities Market (Jul. 31, 2012)
GAO Report: Municipal Securities - Options for Improving Continuing Disclosure (Jul. 2012)
GAO Report: Municipal Securities - Overview of Market Structure, Pricing, and Regulation (Jan. 2012)
National Exam Risk Alert: Strengthening Practices for the Underwriting of Municipal Securities (Mar. 29, 2012)
Birmingham, AL: Field Hearing - Agenda and Panelists (Jul. 29, 2011)
Birmingham, AL: Field Hearing - Opening Remarks (Jul. 29, 2011)
Birmingham, AL: Field Hearing - Panelist Statements (Jul. 29, 2011)
Birmingham, AL: Field Hearing - Panelist Biographies (Jul. 29, 2011)
Birmingham, AL: Field Hearing - Webcast Archives (Jul. 29, 2011)
Birmingham, AL: Field Hearing - Transcript (Jul. 29, 2011)
Washington, DC: Field Hearing - Agenda and Panelists (Dec. 7, 2010)
Washington, DC: Field Hearing - Opening Remarks (Dec. 7, 2010)
Washington, DC: Field Hearing - Panelist Statements (Dec. 7, 2010)
Washington, DC: Field Hearing - Panelist Biographies (Dec. 7, 2010)
Washington, DC: Field Hearing - SEC Staff Biographies (Dec. 7, 2010)
Washington, DC: Field Hearing - Webcast Archives (Dec. 7, 2010)
Washington, DC: Field Hearing - Transcript Morning Session (Dec. 7, 2010)
Washington, DC: Field Hearing - Transcript Afternoon Session (Dec. 7, 2010)
San Francisco, CA: Field Hearing - Agenda and Panelists (Sept. 21, 2010)
San Francisco, CA: Field Hearing - Opening Remarks (Sept. 21, 2010)
San Francisco, CA: Field Hearing - Panelist Statements (Sept. 21, 2010)
San Francisco, CA: Field Hearing - Panelist Biographies (Sept. 21, 2010)
San Francisco, CA: Field Hearing - SEC Staff Biographies (Sept. 21, 2010)
San Francisco, CA: Field Hearing - Transcript (Sept. 21, 2010)
Temporary Registration of Municipal Advisors Rule (Sept.1, 2010)
SEC-IRS Memorandum of Understanding (Mar. 2, 2010)
Withdrawal of NRMSIR No-Action Letters (Jun. 2009)
No-Action Letter Regarding Bloomberg L.P. (Jun. 10, 2009)
No-Action Letter Regarding DPC Data Inc. (Jun. 10, 2009)
No-Action Letter Regarding Interactive Data Corporation (Jun. 10, 2009)
No-Action Letter Regarding Digital Assurance Certification L.L.C (Jun. 10, 2009)
No-Action Letter Regarding S&P Securities Evaluations, Inc. (Jun. 10, 2009)
SEC Staff Statement on California IOUs (Jul. 9, 2009)
No-Action Letter Regarding Municipal Auction Rate Securities (Mar. 14, 2008)
Interpretive Letter Regarding Texas Mac and DisclosureUSA (Oct. 3, 2007)
SEC Chairman Cox Calls for Improved Investor Protections in the Market for Municipal Securities (Jul. 26, 2007)
Staff White Paper to Congress (Jul. 26, 2007)
Press Release on Violative Practices in the Auction Rate Securities Market (May 31, 2006)
No-Action Letter Regarding the State of Oregon Outgoing (Oct. 4, 2005)
No-Action Letter Regarding the State of Oregon Incoming (Sept. 30, 2005)
Comment Letter to IRS regarding Circular 230 (Aug. 3, 2005)
Interpretive Letter Regarding Texas MAC and DisclosureUSA (Sept. 7, 2004)
Report on Transactions in Municipal Securities (Jul. 1, 2004)
No-Action Letter Regarding Kentucky Public Employees' Deferred Compensation Authority (Jul. 8, 2002)
Open Letter to the Municipal Securities Industry (Oct. 22, 2001)
No-Action Letter Regarding Digital Assurance Certification L.L.C (Sept. 21, 2001)
No-Action Letter Regarding Dominion Resources, Inc. (Mar. 7, 2000)
2001 Municipal Market Roundtable Proceedings
2000 Municipal Market Roundtable Proceedings (PDF version)
1999 Municipal Market Roundtable Proceedings
Staff Report on the Municipal Securities Market (Sep. 1993)
No-Action Letter Regarding Dominion Resources, Inc. (Jul. 23, 1985)
SEC Staff Report on Transactions in Securities of the City of New York (Aug. 1977)

Modified: June 14, 2016