MSRB Rules

The MSRB establishes rules that securities firms, banks and municipal advisors must follow when engaging in municipal securities transactions and advising investors and state and local governments.

Download a PDF of the MSRB's rule book (updated quarterly).

All G Rules ?

Number Name Status Regulated Entity
Rule G-1 Separately Identifiable Department or Division of a Bank - Dealer, Municipal Advisor
Rule G-2 Standards of Professional Qualification - Dealer, Municipal Advisor
Rule G-3 Professional Qualification Requirements Dealer, Municipal Advisor
Rule G-4 Statutory Disqualifications - Dealer
Rule G-5 Disciplinary Actions by Appropriate Regulatory Agencies; Remedial Notices by Registered Securities Associations - Dealer, Municipal Advisor
Rule G-6 Fidelity Bonding Requirements - Dealer
Rule G-7 Information Concerning Associated Persons - Dealer
Rule G-8 Books and Records to be Made by Brokers, Dealers, and Municipal Securities Dealers and Municipal Advisors Dealer, Municipal Advisor
Rule G-9 Preservation of Records Dealer, Municipal Advisor
Rule G-10 Delivery of Investor Brochure Dealer
Rule G-11 Primary Offering Practices Dealer
Rule G-12 Uniform Practice - Dealer
Rule G-13 Quotations Relating to Municipal Securities - Dealer
Rule G-14 Reports of Sales or Purchases - Dealer
Rule G-15 Confirmation, Clearance, Settlement and Other Uniform Practice Requirements with Respect to Transactions with Customers Dealer
Rule G-16 Periodic Compliance Examination - Dealer
Rule G-17 Conduct of Municipal Securities and Municipal Advisory Activities - Dealer, Municipal Advisor
Rule G-18 Best Execution - Dealer
Rule G-19 Suitability of Recommendations and Transactions - Dealer
Rule G-20 Gifts, Gratuities, Non-Cash Compensation and Expenses of Issuance - Dealer, Municipal Advisor
Rule G-21 Advertising Dealer
Rule G-22 Control Relationships - Dealer
Rule G-23 Activities of Financial Advisors - Dealer
Rule G-24 Use of Ownership Information Obtained in Fiduciary or Agency Capacity - Dealer
Rule G-25 Improper Use of Assets - Dealer
Rule G-26 Customer Account Transfers Dealer
Rule G-27 Supervision - Dealer
Rule G-28 Transactions with Employees and Partners of Other Municipal Securities Professionals - Dealer
Rule G-29 Availability of Board Rules - Dealer
Rule G-30 Prices and Commissions Dealer
Rule G-31 Reciprocal Dealings with Municipal Securities Investment Companies - Dealer
Rule G-32 Disclosures In Connection With Primary Offerings Dealer
Rule G-33 Calculations - Dealer
Rule G-34 CUSIP Numbers, New Issue, and Market Information Requirements Dealer
Rule G-35 Arbitration - Dealer
Rule G-36 Reserved -
Rule G-37 Political Contributions and Prohibitions on Municipal Securities Business and Municipal Advisory Business - Dealer, Municipal Advisor
Rule G-38 Solicitation of Municipal Securities Business - Dealer
Rule G-39 Telemarketing - Dealer
Rule G-40 Reserved
Rule G-41 Anti-Money Laundering Compliance Program - Dealer
Rule G-42 Duties of Non-Solicitor Municipal Advisors - Municipal Advisor
Rule G-43 Broker’s Brokers - Dealer
Rule G-44 Supervisory and Compliance Obligations of Municipal Advisors - Municipal Advisor
Rule G-45 Reporting of Information on Municipal Fund Securities Dealer
Rule G-47 Time of Trade Disclosure - Dealer
Rule G-48 Transactions with Sophisticated Municipal Market Professionals - Dealer