Registered under the Maloney Act in 1975, the Board consists of industry and public representatives. It is designed to create rules and regulations for municipal bond trading among brokers, dealers and banks. Its powers are similar to those of the NASD.
An independent, self-regulatory organization established by the Securities Act Amendments of 1975 and charged with primary rulemaking authority for the municipal securities industry.
A self-regulatory organization of the municipal securities industry that was created in 1975 under an amendment to the Securities Exchange Act of 1934. Its primary responsibility is to develop rules and regulations to govern the activities of municipal securities dealers, and to provide arbitration facilities to broker-dealers and bank dealers in municipal securities. See: Arbitration; Broker-Dealer; Securities Exchange Act of 1934