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LEAD Partner: Municipal Securities Rulemaking Board (MSRB)

June 28, 2018

What is the MSRB?

The MSRB is a self-regulatory organization committed to protecting investors, state and local governments, other municipal entities, and the public interest. In support of its mission to promote a fair and efficient municipal securities market, the MSRB prevents fraud and manipulation and promotes fair dealing by establishing rules for municipal securities dealers and municipal advisors.

How is the MSRB involved with ABLE Programs?

Interests in ABLE programs may be considered “municipal fund securities” under MSRB rules, which means that dealers that offer interests in ABLE programs may be subject to the MSRB’s fair practice rules. Generally, these fair practice rules require that recommendations made by a dealer must be suitable and investors must receive certain disclosures. Read about these protections at

Where Can I Learn More?

The MSRB supports equal access to information and market transparency through its Electronic Municipal Market Access (EMMA®) website. Visit EMMA to find available information on ABLE programs offered in different states. Or explore the MSRB’s online Education Center for free resources about ABLE programs and to learn about MuniEdPro® – a suite of interactive, online courses about municipal market activities and MSRB regulations.