# 2025-23821: Municipal Bond Fees Get Multi-Year Overhaul for Clarity

2025-23821, Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Order Granting Approval of a Proposed Rule Change To Amend MSRB Rules A-11 and A-13 Pursuant to a Multi-Year Rate Card and To Make Related Technical Amendments, is a Federal Register notice from Securities and Exchange Commission published 2025-12-29, effective 2026-01-01 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-23821
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-23821
- Title: Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Order Granting Approval of a Proposed Rule Change To Amend MSRB Rules A-11 and A-13 Pursuant to a Multi-Year Rate Card and To Make Related Technical Amendments
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 60822
- Published: 2025-12-29
- Effective: 2026-01-01
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Municipal Bond Fees Get Multi-Year Overhaul for Clarity

## Summary

Starting January 1, 2026, the Municipal Securities Rulemaking Board is updating fees for municipal advisors and dealers with a new multi-year rate plan. These changes affect anyone who works with municipal bonds or advises on them, making fee schedules clearer and more predictable. The update also includes some technical tweaks to keep everything running smoothly.

## Effects PRIA read

- Multi-year rate card replaces annual process: benefit, medium. The MSRB moved from an annual rate-setting process to a four-year Multi-Year Rate Card covering 2026–2029, with the Commission approving the change effective January 1, 2026. This means regulated entities that work with municipal securities will have a fixed fee schedule through December 31, 2029,…
- Municipal advisor fee increases per professional: cost, low. The Municipal Advisor Professional Fee per covered professional is $1,060 currently and will be $1,130 in 2026, $1,200 in 2027, $1,270 in 2028, and $1,340 in 2029. These fees are charged per covered professional for each calendar year (operative January 1 through December 31 of each year).
- Dealer Market Activity Fees reduced in 2026–2027: benefit, medium. Dealers will receive a 45% Temporary Credit on Market Activity Fees in 2026 and 2027. That results in 2026–2027 net rates of: Underwriting Fee $0.0163 per $1,000 par (was $0.0297), Transaction Fee $0.0059 per $1,000 par (was $0.0107), and Trade Count Fee $0.61 per trade (was $1.10).
- 15% annual cap on baseline rate changes: benefit, low. Within a multi-year rate card period, baseline Rate Card Fees are subject to a maximum annual increase or decrease of 15% (the Annual Rate Change Limit). Temporary Credits may allow net rates to change by more than 15% in a year if applied. The limit replaces the prior 25% cap on increases that app…

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## Sources
- [2025-23821 on federalregister.gov](https://www.federalregister.gov/documents/2025/12/29/2025-23821/self-regulatory-organizations-municipal-securities-rulemaking-board-order-granting-approval-of-a)
- [2025-23821 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-12-29/pdf/2025-23821.pdf)

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- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-23821 (as of 2026-06-08).