The Municipal Securities Rulemaking Board's strategic plan for fiscal years 2026 through 2030, released Thursday, outlines three goals that will guide the MSRB's priorities during those years: Regulatory modernization, market transparency and public accountability.
"MSRB's strategic plan was shaped by the many conversations we've had with stakeholders from across the municipal securities market," MSRB CEO Mark Kim said in a May 7 press release, adding that he could not "emphasize enough that the most important part of this strategic plan will be the ongoing engagement that will occur as we pursue these goals in the years ahead."
The MSRB's 2026 fiscal year began Oct. 1, 2025.
Initiatives associated with the MSRB's regulatory modernization goal will include "targeted retrospective rule reviews of dealer regulation to ensure just and equitable principles of trade while fostering free and open markets in municipal securities," as well as "a holistic retrospective rule review of the municipal advisor regulatory framework," according to the plan.
Also in connection with its regulatory modernization goal, the MSRB will review dealer disclosure obligations and related requirements for municipal fund securities to make sure that MSRB rules "are consistent with the evolution of the market and current practices," the plan said. Examples of municipal fund securities include interests in 529 plans and ABLE programs.
Another modernization goal focus area is supporting "regulatory cooperation and coordination by providing guidance and assistance in the enforcement of and examination for compliance with MSRB rules," according to the plan.
The MSRB will coordinate with and provide support to the Securities and Exchange Commission, the Financial Industry Regulatory Authority and federal bank regulators "in their market surveillance, examination and enforcement activities related to the municipal securities market," the plan said.
The objective of the MSRB's second strategic goal – market transparency – is to deliver a modernized Electronic Municipal Market Access website, which affords the public free access to the official information repository for municipal securities data and documents. Among the focus areas associated with that goal is enhancing the quality of muni market data "by providing timely, accurate, and complete pricing, issuance and trading data and continuing disclosure information," the plan said.
Other market transparency goal focus areas include ensuring the integrity of municipal market data via robust cybersecurity practices, ensuring free access to the MSRB's information repository for all market participants as well as the general public through the EMMA website and understanding "the implications of financial innovation and emerging technologies on the regulatory framework and municipal market structure to inform market regulation and market transparency initiatives," according to the plan.
As for the MSRB's third strategic goal – public accountability – focus areas will include MSRB engagement with stakeholders so it can better understand the market it regulates as well as education and outreach that advances understanding of MSRB rules and the muni market, the plan said. Demonstrating "responsible corporate governance and prudent fiscal stewardship," is also among the focus areas associated with the MSRB's public accountability goal, according to the plan.
