MSRB Rolls Out Multi-Year Fee Plan for Bond Dealers
Published Date: 10/3/2025
Notice
Summary
The Municipal Securities Rulemaking Board (MSRB) wants to update the fees that municipal advisors, brokers, and dealers pay starting January 1, 2026. They’re introducing a multi-year rate plan and fixing some technical details to keep things running smoothly. If approved later, the new fees kick in the month after the green light, so regulated folks should get ready for these changes.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Municipal Advisor Fee Increases
If you are a municipal advisor with a covered professional, the annual Municipal Advisor Professional Fee would be $1,130 for 2026, $1,200 for 2027, $1,270 for 2028, and $1,340 for 2029. The fee increases roughly 6.6% in 2026 and about 6% per year thereafter under the proposed multi-year schedule.
Switch from Annual to Four-Year Rate Card
The MSRB will move its fee-setting from an annual model to a fixed four-year "Multi-Year Rate Card" for 2026–2029. This change is designed to make fees more predictable and stable for regulated entities over the 2026, 2027, 2028, and 2029 calendar years.
Dealer Market Activity Fee Credits in 2026–2027
Dealers would receive a 45% Temporary Credit on Market Activity Fees in 2026 and 2027, reducing net rates for those years. The net rates shown for 2026 and 2027 are: Underwriting Fee $0.0163 per $1,000 par, Transaction Fee $0.0059 per $1,000 par, and Trade Count Fee $0.61 per trade (temporary credits do not apply to the Municipal Advisor Professional Fee).
Limits on Year-to-Year Fee Changes (15% Cap)
Under the new funding policy, the MSRB would limit baseline annual changes in any Rate Card Fee to 15% within a multi-year rate card period. This Annual Rate Change Limit replaces the prior 25% cap on increases and the prior lack of a cap on decreases when setting annual rates.
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