MSRB to provide IRS with municipal market data to boost enforcement

By Ashley Montgomery

Kansas City, Kan., Oct. 24 - The Municipal Securities Rulemaking Board has agreed to provide municipal market data to the Internal Revenue Service. This agreement expands the support that the MSRB currently provides to federal regulatory organizations, such as the IRS.

The MSRB provides already information associated with municipal market financial professionals and their regulation. The MSRB will now supply municipal market data and other documents to aid the IRS in enforcing laws concerning the municipal securities market.

"Industry compliance with federal tax laws is fundamental to a fair and efficient municipal market," said MSRB executive director Lynnette Kelly Hotchkiss in a news release. "Investments in technology have enabled the MSRB to make municipal market data more readily available to regulators and our agreement with the IRS will ensure that MSRB data and other support are readily available to the IRS for its enforcement activities."

"We appreciate the assistance from the MSRB. This agreement helps the IRS foster the best market conditions for both municipal bond issuers and investors," said Joseph H. Grant, acting commissioner of the IRS tax exempt and government entities division, in a news release.

By law, MSRB is mandated to offer support to the Securities Exchange Commission, the Financial Industry Regulatory Authority, bank regulators and other authorities that enforce MSRB regulations.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.