California Debt and Investment Advisory Commission

Municipal Finance Resources

Securities and Exchange Commission (SEC)

The SEC is a federal agency that holds primary responsibility for enforcing federal securities laws, proposing securities rules, and regulating the securities industry. The SEC’s Office of Municipal Securities advises the Commission on policies regarding the municipal market and assists in developing SEC initiatives in the municipal securities area.

Internal Revenue Services (IRS)

The IRS is a federal agency within the Department of the Treasury that collects taxes and administers the Internal Revenue Code. The Internal Revenue Code states the requisite criteria for tax-exempt debt, including municipal bonds and private activity bonds (PABs). In addition, the Internal Revenue Code sets forth arbitrage rules for investment of municipal bond proceeds.

Municipal Securities Rulemaking Board (MSRB)

The MSRB is a self-regulatory organization that is authorized to create rules to prevent fraudulent activity, enhance the efficiency and transparency of the market, and protect investors and the public interest. It regulates broker-dealers, banks, and municipal advisors. Although the MSRB does not directly regulate issuers of municipal securities or other municipal entities, it does provide resources. The MSRB is subject to oversight by the SEC, and its rules are enforced by other federal regulatory organizations, primarily the SEC.

Government Finance Officers Association (GFOA)

The GFOA is an independent professional organization comprised of local government finance officers that promotes professional management in public finance through informational and best practice guidelines.

Governmental Accounting Standards Board (GASB)

GASB is an independent organization that establishes and recommends generally accepted accounting principles (GAAP) for state and local governments. GASB is subject to and receives funding from the Financial Accounting Federation (FAF), a private-sector organization.