Resources

The MSRB supports regulatory compliance by providing checklists, sample templates, rule summaries and other educational material about municipal market regulations. Resources relevant to each MSRB rule are also available in the "Access Compliance Resources" tab of the rule. Learn more about the types of compliance information the MSRB provides.

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Compliance Calendar

 MSRB    
View the MSRB's Compliance Calendar for a look at upcoming important dates and events for municipal securities dealers and municipal advisors.

How We Support Compliance


Municipal Advisor Compliance Resources

  • Interpretive Guidance on Use of Social Media under MSRB Advertising Rules
    These answers to frequently asked questions, effective August 23, 2019, address permissible and impermissible uses of social media as part of their municipal securities business or municipal advisory activities under MSRB Rule G-21, on advertising by brokers, dealers or municipal securities dealers, and under MSRB Rule G-40, on advertising by municipal advisors.
  • Resources Related to 2019 Municipal Securities Examination Priorities
    This document for municipal advisors, brokers, dealers and municipal securities dealers highlights select MSRB rules, interpretative guidance and resources that correlate with municipal securities topics identified as 2019 examination priorities by the Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority, Inc. (FINRA).
  • Organizational Change Checklist
    This resource provides a checklist of questions regulated entities may wish to consider when contacting MSRB Support in advance of an upcoming organizational change, such as a reorganization or a merger or acquisition, that may result in a change to their registration status with the MSRB.
  • Municipal Advisor Compliance Advisory (August 2018)
    This resource is intended to assist municipal advisors with understanding MSRB rules and provides examples of compliance considerations. Also see previous municipal advisor compliance advisories by year: 2017 | 2016.

Dealer Compliance Resources

  • Interpretive Guidance on Use of Social Media under MSRB Advertising Rules
    These answers to frequently asked questions, effective August 23, 2019, address permissible and impermissible uses of social media as part of their municipal securities business or municipal advisory activities under MSRB Rule G-21, on advertising by brokers, dealers or municipal securities dealers, and under MSRB Rule G-40, on advertising by municipal advisors.
  • Resources Related to 2019 Municipal Securities Examination Priorities
    This document for brokers, dealers, municipal securities dealers and municipal advisors highlights select MSRB rules, interpretative guidance and resources that correlate with municipal securities topics identified as 2019 examination priorities by the Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority, Inc. (FINRA).

  • FAQs on Price Variance Alerts on Reported Trades
    This document provides brokers, dealers and municipal securities dealers answers to frequently asked questions about the price variance alert process related to the MSRB’s Real-Time Transaction Reporting System (RTRS)
  • Organizational Change ChecklistThis resource provides a checklist of questions regulated entities may wish to consider when contacting MSRB Support in advance of an upcoming organizational change, such as a reorganization or a merger or acquisition, that may result in a change to their registration status with the MSRB.
  • Information on Exemptive Relief under MSRB Rule G-37
    This page contains information to assist dealers with guidance on the scope and limitations of exemptive relief available under MSRB Rule G-37, including summaries of letters from FINRA that respond to applications for exemption. The letters are intended to help dealers understand the decision to grant or deny exemptive relief.
  • Information for Municipal Securities Investors
    This document summarizes key principles of MSRB rules that protect municipal securities investors and provides information on how to file a complaint with the appropriate regulatory authority.
  • Underwriters: Understanding Duties of Municipal Advisors
    This document reviews the respective roles and responsibilities of underwriters and municipal advisors, discusses the provision of “inadvertent advice” under Rule G-42 and provides an overview of the rule itself to assist dealers acting as underwriters in understanding the regulatory framework that applies to municipal advisors. 

Guidance Related to 529 Savings Plans and ABLE Programs

This is a compilation of the major interpretative guidance that the MSRB has provided regarding the offer and sale of interests in 529 savings plans and ABLE programs, which are subject to all MSRB rules unless specifically exempted. MSRB Rules G-14, G-18, G-28 and G-34 provide such exemptions. ABLE programs are also exempt from MSRB Rule A-13.

Interpretation

Date Published

Interpretation Relating to Sales of Interests in ABLE Programs in the Primary Market

April 12, 2016

Interpretive Notice Concerning the Application of MSRB Rule G-17 to Underwriters of Municipal Securities

August 2, 2012

Reminder on Submissions of Disclosure Documents to EMMA for 529 College Savings Plans

June 28, 2010

Interpretation on General Advertising Disclosures, Blind Advertisements and Annual Reports Relating to Municipal Fund Securities Under Rule G-21

June 5, 2007

Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans

August 7, 2006

MSRB Interpretation - 529 College Savings Plan Advertisements

May 12, 2006

Joint Statement of  NASD and the MSRB regarding 529 Plans

February 22, 2006

Non-Material Amendments to Official Statements for Municipal Fund Securities

May 14, 2002

Interpretation on the Effect of a Ban on Municipal Securities Business Under Rule G-37 Arising During a Pre-Existing Engagement Relating to Municipal Fund Securities

April 2, 2002

Interpretive Notice Regarding Rule G-17 on Disclosure of Material Facts

March 25, 2002

Interpretive Notice on Commissions and Other Charges, Advertisements and Official Statements Relating to Municipal Fund Securities

December 19, 2001

Interpretation Relating to Sales of Municipal Fund Securities in the Primary Market

January 18, 2001

Interpretation of Prohibition on Municipal Securities Business Pursuant to Rule G-37

February 21, 1997


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