Office of Municipal Securities

Joint Compliance Outreach Program for Municipal Advisors, Dealers, and Other Market Professionals

Thursday, December 7, 2023

Mark your calendar: on Thursday, December 7, 2023, the Municipal Securities Rulemaking Board (MSRB), the U.S. Securities and Exchange Commission (SEC), and the Financial Industry Regulatory Authority (FINRA) will host a virtual Joint Compliance Outreach Program for Municipal Advisors, Dealers, and Other Market Professionals.

This free webcast will provide market professionals an opportunity to hear from SEC, MSRB, and FINRA staff on timely regulatory and compliance matters.

About the Office

The Office of Municipal Securities (OMS) coordinates the Commission’s activities relating to the $4 trillion municipal securities market and administers the Commission’s rules pertaining to municipal securities brokers and dealers, municipal advisors, investors in municipal securities, and municipal issuers.  OMS’s responsibilities include three primary areas:  municipal advisor regulation, municipal securities market structure initiatives and municipal securities disclosure initiatives.  OMS advises the Commission on policy matters and current market issues relating to the municipal securities market and is responsible for policy development, coordination, and implementation of Commission initiatives to improve the municipal securities market, including working with other Divisions on cross-fixed income market issues. OMS provides technical assistance to other SEC divisions and offices, including the Division of Enforcement (ENF) and the Division of Examinations (EXAMS). OMS is also responsible for oversight of the Municipal Securities Rulemaking Board (MSRB) which includes reviewing and processing proposed rule changes filed by the MSRB as well as assisting with examinations of the MSRB. OMS works closely with the municipal securities industry to educate various market groups, state and local officials and conduit borrowers about the Commission’s rules. OMS also acts as the Commission’s liaison to FINRA, the Internal Revenue Service, bank regulators, the Department of the Treasury and a wide variety of investor and 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 $3.9 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.

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.