MSRB Publishes FY 2026 Budget

MSRB PUBLISHES FY 2026 BUDGET

New budget represents a decrease of 5.2% from the prior year's budget

Washington, D.C. - The Municipal Securities Rulemaking Board (MSRB) today published its annual budget to report on the allocation of resources needed to fulfill its congressional mandate to protect investors, issuers and the public interest by promoting a fair and efficient market. MSRB publishes its budget annually to meet the highest standards of financial transparency.

For FY 2026, MSRB's Board approved a budget of $46.2 million, which represents a decrease of 5.2% or $2.6 million compared to the prior year's budget. MSRB's FY 2026 budget reflects an organizational restructuring and rightsizing of its workforce that took place in FY 2025. It provides the resources necessary for MSRB's ongoing work to modernize its rulebook through retrospective rule reviews, complete the modernization of the Electronic Municipal Market Access (EMMA®) website, and ensure the availability, reliability and cybersecurity of its technology systems and data repository.

"Fiscal stewardship, budget transparency and public accountability remain of paramount importance to MSRB," MSRB Board Chair Natasha A. Holiday and MSRB CEO Mark Kim said in a letter to stakeholders. "It's in this spirit that we have maintained an open dialogue with our stakeholders… We continue to listen carefully to stakeholder concerns and are taking them into consideration as we position MSRB for the future."

MSRB yesterday filed an amended rate card with the Securities and Exchange Commission (SEC) to provide the regulated entities that pay MSRB's fees with greater certainty and stability going forward.

MSRB also announced that it plans to return to the industry more than $23 million in surplus operating reserves accumulated over the last two years due to unprecedented market activity levels. The proposed rate card includes a temporary credit for certain market activity fees over two years to return these funds.

Read the budget.