Compliance 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

Topic

Resource

Duties of Non-Solicitor Municipal Advisors
(
MSRB Rule G-42)

FAQs Regarding MSRB Rule G-42 and Making Recommendations
Read answers to frequently asked questions and related scenarios regarding MSRB Rule G-42, on duties of non-solicitor municipal advisors, and the making of recommendations. 

Municipal Advisors: Understanding Standards of Conduct
This document is designed to provide a brief overview of the duties and obligations under Rule G-42 for municipal advisors.

Professional Qualification Requirements
(
MSRB Rule G-3)

FAQs on Continuing Education Program Requirements for Municipal Advisors (November 2017)
Read responses to frequently asked questions about continuing education program requirements for municipal advisors established by MSRB Rule G-3

Developing a CE Needs Analysis and Written Training Plan
This document is designed to assist municipal advisor firms in complying with continuing education (CE) requirements outlined under Rule G-3. The fillable checklist and template is intended to help municipal advisor firms evaluate and prioritize their firm’s specific training needs and develop a plan for delivering appropriate training. 

Understanding the Municipal Advisor Principal Qualification Examination
This guide is intended to assist individuals preparing to take the Municipal Advisor Principal Qualification Examination (Series 54).

SEC FAQs on Registration of Municipal Advisors (updated September 20, 2017)

Recordkeeping
(
MSRB Rule G-8 and MSRB Rule G-9)

FAQs on MSRB Rules on Investor and Municipal Advisory Client Education and Protection
This document addresses MSRB Rules G-10G-8 and G-9 as amended effective October 13, 2017. Read answers to frequently asked questions about customer and municipal advisory client education, protection and related recordkeeping rules for municipal securities dealers and the application of those rules to municipal advisors.

MSRB Rule G-8 Customer and Municipal Advisory Client Complaint Product and Problem Codes Guide
This document provides product and problem codes relevant to municipal securities and municipal advisory activities and applicable under MSRB Rule G-8, for use in electronic customer or municipal advisory client complaint logs. Download a sample electronic complaint log and a sample checklist for handling client complaints.

Client Education and Protection
(
MSRB Rule G-10)

FAQs on MSRB Rules on Investor and Municipal Advisory Client Education and Protection
This document addresses MSRB Rules G-10G-8 and G-9 as amended effective October 13, 2017. Read answers to frequently asked questions about customer and municipal advisory client education, protection and related recordkeeping rules for municipal securities dealers and the application of those rules to municipal advisors.

Information for Municipal Advisory Clients
This document summarizes key principles of MSRB rules that protect municipal advisory clients and provides information on how to file a complaint with the appropriate regulatory authority.

Gifts and Gratuities
(
MSRB Rule G-20)
FAQs on MSRB Rules Regarding Gifts, Gratuities and Non-Cash Compensation
Read answers to frequently asked questions about municipal advisors' obligations under MSRB Rule G-20 to help prevent improprieties from arising as a result of gift giving in relation to municipal advisory activities. 
Political Contributions
(
MSRB Rule G-37)

Q&A Summary: MSRB Compliance Workshop on the Form G-37 Submission Process
Read answers to questions addressed during an MSRB compliance workshop conducted on September 14, 2018 to enhance understanding of the provisions of MSRB Rule G-37, on political contributions and prohibitions on municipal securities business and municipal advisory business.

Summary of Ban on Business Provisions Under MSRB Rule G-37
This summary of amended Rule G-37 is intended for use as a resource for municipal advisors.

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.

Advertising
(
MSRB Rule G-40)

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.

Application of the Content Standards to Advertisements by Municipal Advisors under MSRB Rule G-40
This compliance resource illustrates the application of content standards to advertisements by municipal advisors under MSRB Rule G-40, on advertising by municipal advisors.

FAQs on Use of Municipal Advisory Client Lists and Case Studies
Read answers to frequently asked questions (FAQs) regarding permissible and impermissible uses of municipal advisory client lists and case studies by municipal advisors under MSRB Rule G-40, on advertising by municipal advisors.

Supervision
(
MSRB Rule G-44)

Q&A Summary: MSRB Compliance Workshop on Small Firm Municipal Advisor Supervision
Read answers to questions addressed during an MSRB compliance workshop conducted on May 24, 2018 to enhance understanding of the provisions of MSRB Rule G-44, on supervisory and compliance obligations of municipal advisors.

Municipal Advisor Outsourcing of Compliance Functions
This resource is designed to enhance understanding of provisions related to outsourcing compliance tasks, including the role of Chief Compliance Officer (CCO) under MSRB Rule G-44, on supervisory and compliance obligations of municipal advisors.

Sample Template and Checklist for Municipal Advisor WSPs
This document is designed to assist municipal advisors in establishing and maintaining written compliance policies and written supervisory procedures (WSPs), under MSRB Rule G-44. The template illustrates one possible format for developing WSPs, and the checklist can be used as an aid in assessing whether WSPs address the applicable rules.

Considerations for Developing a Municipal Advisory Supervisory System and Compliance Program
This document is designed to support municipal advisors’ development of effective policies and procedures for supervision and compliance consistent with MSRB Rule G-44.

Solicitor Municipal Advisor Guidance
Application of MSRB Rules to Solicitor Municipal Advisors
Read guidance summarizing several of the most important MSRB rules applicable to municipal advisors that undertake the solicitation of a municipal entity or obligated person.
Compliance Advisories
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
MSRB General

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).

Requesting Interpretive Guidance from the MSRB
The MSRB welcomes inquiries by regulated entities, including municipal advisors, relating to MSRB rules.

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.

Electronic Municipal Market Access (EMMA®) Website
EMMA®: A Resource for Municipal
Advisors and Their Issuer Clients

Municipal advisors can use the EMMA website to conduct comparative analysis and research for clients and connect them to important resources on EMMA for complying with disclosure obligations, communicating with investors and comparing market information.

Dealer Compliance Resources

Topic

Resource

Professional Qualification Requirements (MSRB Rule G-3)
Supervisory Responsibilities of Qualified Principals
This resource is designed to assist dealers in understanding the scope of municipal securities activities that designated principals are permitted to supervise, pursuant to MSRB Rule G-27, on supervision, consistent with MSRB Rule G-3, on professional qualification requirements.
Recordkeeping
(
MSRB Rule G-8 and MSRB Rule G-9)

FAQs on MSRB Rules on Investor and Municipal Advisory Client Education and Protection
This document addresses MSRB Rules G-10G-8 and G-9 as amended effective October 13, 2017. Read answers to frequently asked questions about customer and municipal advisory client education, protection and related recordkeeping rules for municipal securities dealers and the application of those rules to municipal advisors.

MSRB Rule G-8 Customer and Municipal Advisory Client Complaint Product and Problem Codes Guide
This document provides product and problem codes relevant to municipal securities and municipal advisory activities and applicable under MSRB Rule G-8, for use in electronic customer or municipal advisory client complaint logs.

Investor Education and Protection
(
MSRB Rule G-10) 

FAQs on MSRB Rules on Investor and Municipal Advisory Client Education and Protection
This document addresses MSRB Rules G-10G-8 and G-9 as amended effective October 13, 2017. Read answers to frequently asked questions about customer and municipal advisory client education, protection and related recordkeeping rules for municipal securities dealers and the application of those rules to municipal advisors.

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.

Reports of Sales or Purchases
(
MSRB Rule G-14) 
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) 
Confirmation, Clearance, Settlement and Other Uniform Practice Requirements with Respect to Transactions with Customers
(
MSRB Rule G-15)
Resource on Disclosing Mark-ups and Determining Prevailing Market Price
This document provides information to assist dealers in their efforts to comply with provisions in MSRB Rules G-15 and G-30 related to mark-up disclosure and determining prevailing market price. 
Advertising
(
MSRB Rule G-21) 
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.
Supervision
(
MSRB Rule G-27) 
Supervisory Responsibilities of Qualified Principals
This resource is designed to assist dealers in understanding the scope of municipal securities activities that designated principals are permitted to supervise, pursuant to MSRB Rule G-27, on supervision, consistent with MSRB Rule G-3, on professional qualification requirements. 
Prices and Commissions
(
MSRB Rule G-30)
Resource on Disclosing Mark-ups and Determining Prevailing Market Price
This document provides information to assist dealers in their efforts to comply with provisions in MSRB Rules G-15 and G-30 related to mark-up disclosure and determining prevailing market price. 
Political Contributions
(
MSRB Rule G-37)
Q&A Summary: MSRB Compliance Workshop on the Form G-37 Submission Process

Read answers to questions addressed during an MSRB compliance workshop conducted on September 14, 2018 to enhance understanding of the provisions of MSRB Rule G-37, on political contributions and prohibitions on municipal securities business and municipal advisory business.

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.

Compliance Advisories Compliance Advisory for Brokers, Dealers and Municipal Securities Dealers (August 2018)
This resource is intended to assist dealers with understanding MSRB rules and provides examples of compliance considerations. Also see previous broker, dealer and municipal securities dealer compliance advisories by year: 2017 | 2016.
MSRB General 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).

Requesting Interpretive Guidance from the MSRB
The MSRB welcomes inquiries by regulated entities, including brokers, dealers and municipal securities dealers, relating to MSRB rules.

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.

Electronic Municipal Market Access (EMMA®) website
Five Ways to Use EMMA
This document explains five ways brokers and financial advisors who want to provide relevant information to investors and meet their regulatory obligations can do so using the EMMA website.


Supervisory Responsibilities of Qualified Principals
This resource is designed to assist dealers in understanding the scope of municipal securities activities that designated principals are permitted to supervise, pursuant to MSRB Rule G-27, on supervision, consistent with MSRB Rule G-3, on professional qualification requirements.

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.

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.

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


Being a Regulated Municipal Advisor