About the Office of Municipal Securities

The Office of Municipal Securities (OMS) coordinates the Commission’s activities relating to the $4 trillion municipal securities market and administers the Commission’s rules pertaining to municipal securities brokers and dealers, municipal advisors, investors in municipal securities, and municipal issuers.  

OMS’s responsibilities include three primary areas:  municipal advisor regulation, municipal securities market structure initiatives and municipal securities disclosure initiatives.  OMS advises the Commission on policy matters and current market issues relating to the municipal securities market and is responsible for policy development, coordination, and implementation of Commission initiatives to improve the municipal securities market, including working with other Divisions on cross-fixed income market issues. OMS provides technical assistance to other SEC divisions and offices, including the Division of Enforcement and the Division of Examinations.

OMS also is responsible for oversight of the Municipal Securities Rulemaking Board (MSRB) which includes reviewing and processing proposed rule changes filed by the MSRB as well as assisting with examinations of the MSRB.

OMS works closely with the municipal securities industry to educate various market groups, state and local officials and conduit borrowers about the Commission’s rules. OMS also acts as the Commission’s liaison to FINRA, the Internal Revenue Service, bank regulators, the Department of the Treasury and a wide variety of investor and industry groups on municipal securities issues.