California Debt and Investment Advisory Commission

Regulatory Resources for Municipal Issuers

This site is designed to provide resources about selected topics in municipal market regulations. A list of selected regulatory topics that affect municipal issuers is provided below along with links to additional resources and information.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) was signed into law by President Obama on July 21, 2010. Dodd-Frank is a comprehensive financial regulatory reform that aims to produce a more fair and transparent financial market. Both the Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB) have roles to play in implementing reforms that affect participants in the municipal market.

Although most regulation efforts over the last few years are implementations of Dodd-Frank’s objectives, the SEC and MSRB enact rules that affect the municipal market outside of that Act. Additionally, both the federal and state governments routinely introduce legislation that affects municipal markets, for instance by creating new vehicles to finance debt or refining permissible debt issuance and investment practices.

Selected Topics in Municipal Market Regulation