About the Office
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.
- Data Disclosures – Temporary Conditional Exemptive Order for Municipal Advisor Activities
- 2020 Compliance Outreach Program for Municipal Advisors
- Virtual Discussion - Temporary Conditional Exemptive Order for Municipal Advisor Activities
- Opening Remarks at 2020 Municipal Securities Disclosure Conference, Rebecca Olsen
- Order Granting a Temporary Conditional Exemption from the Broker Registration Requirements of Section 15(a) of the Securities Exchange Act of 1934 for Certain Activities of Registered Municipal Advisors
- The Importance of Disclosure for our Municipal Markets, statement by Chairman Jay Clayton and Rebecca Olsen
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.