About the Office
The Office of Municipal Securities coordinates the SEC’s municipal securities activities and administers the Commission’s rules pertaining to municipal securities brokers and dealers, municipal advisors, investors in municipal securities, and municipal issuers. OMS advises the Commission on policy matters relating to the municipal securities market and is responsible for policy development, coordination, and implementation of Commission initiatives to improve the municipal securities market, as well as providing technical assistance to the Division of Enforcement and the Office of Compliance Inspections and Examinations. OMS also coordinates with the Municipal Securities Rulemaking Board on rulemaking and enforcement actions. In addition, OMS reviews and processes MSRB rule filings. OMS works closely with the municipal securities industry to educate state and local officials and conduit borrowers about the Commission’s rules. OMS also acts as the Commission’s liaison to the MSRB, FINRA, the Internal Revenue Service’s Office of Tax-Exempt Bonds, the Department of the Treasury’s Office of State and Local Finance, a variety of investor and industry groups, and regulators 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.
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.
- Information on Amendments to Municipal Advisor Forms Relating to PII
- Commissioner Michael S. Piwowar Remarks at MSRB Dinner to Celebrate Milestones in Municipal Market Transparency (Apr. 24, 2018)
- Investor Bulletin: Municipal Bonds – An Overview (Feb. 1, 2018)
- Investor Bulletin: Municipal Securities Market (Feb. 1, 2018)
- Investor Bulletin: Municipal Bonds – Asset Allocation, Diversification, and Risk (Feb. 1, 2018)
- Municipal Advisor Forms & Instructions
- EDGAR Links
- Fixed Income Market Structure Advisory Committee (FIMSAC)
- 2012 Report on the Municipal Securities Market
- Registration of Municipal Advisors Frequently Asked Questions (Sep. 20, 2017)
- EMMA Website
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.