Guidance on MSRB Rule G-40

Primary Electronic Mail Contact Information 

All MSRB-registered brokers, dealers, municipal securities dealers (collectively, municipal securities dealers) and municipal advisors must maintain an Internet email account to permit communication with the MSRB. Municipal securities dealers and municipal advisors must appoint a primary contact for purposes of electronic communication between the municipal securities dealer or municipal advisor and the MSRB. For municipal securities dealer organizations, the primary contact must be either a Series 53-registered municipal securities principal or a Series 51-registered municipal fund securities limited principal.  The primary contact is created during the MSRB registration process. The individual who registers the organization will create an account for the organization’s primary contact. 

  • All updates and amendments to the primary contact information must be completed in MSRB Gateway using the appropriate log-in credentials. 
  • Municipal securities dealers and municipal advisors may appoint an optional contact to serve as a secondary point of contact for the MSRB. The optional contact is not required to be a registered principal or hold any other specific position.
  • MSRB Rule G-40 requires all municipal securities dealers and municipal advisors with an MSRB account to update their primary contact information or affirm that the information is correct within 17 business days after the end of each calendar year. In addition to this annual requirement, MSRB Rule G-40 requires municipal securities dealers and municipal advisors to promptly update their primary contact information no later than 30 days following any changes to this information. Failure to take one or more of these actions may result in non-compliance with MSRB Rule G-40, and will be referred to either FINRA, the SEC, or the appropriate bank regulator.   
    Read guidance on managing your G-40 Account.

If you require assistance, please contact the Market Information Department at (703) 797-6668.

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Questions and Answers

1. Q:  What is the purpose of MSRB Rule G-40?
A:  The events of September 11, 2001, as well as the weeks that followed, emphasized the importance of, and need for, a formalized business continuity plan that included an efficient and reliable means of official communication between regulators and the municipal securities industry. MSRB Rule G-40 establishes such a means of communication and allows the MSRB to efficiently alert dealers to official communications, including time-sensitive developments, rule changes, notices, etc. In addition, at about the time MSRB Rule G-40 was adopted in 2002, the MSRB discontinued publication of MSRB Reports; all MSRB notices are now available exclusively on the MSRB web site. MSRB Rule G-40 ensures that such notices and other important communications continue to reach each dealer.

2. Q:  What happens if we inadvertently provide a bad email address for the Primary G-40 Contact?
A:  Municipal securities dealers and municipal advisors are responsible for ensuring that email failures do not occur, and that MSRB emails are not recognized as “spam” by the user’s system.  Such occurrences may result in non-compliance with MSRB Rule G-40 for municipal securities dealer and municipal advisor organizations, and any such organization will be referred to either FINRA, the SEC, or the appropriate bank regulator.

3. Q:  How often does a municipal securities dealer or municipal advisor need to review information on its Primary G-40 Contact?
A:  MSRB Rule G-40 requires that every municipal securities dealer and municipal advisor review and, if necessary, update information on its Primary contact and submit such information electronically to the MSRB within 17 business days after the end of each calendar year. However, municipal securities dealers and municipal advisors are required to update their G-40 contact information whenever changes occur to the Primary contact information within 30 days following such change.

4. Q:  What steps do I actually follow to perform the annual review?
A:  If changes to the Primary contact’s information are necessary, follow these steps:

  1. Go to www.msrb.org and click “Login.”
  2. Log in with the User ID and Password of the primary contact.
  3. From the MSRB Gateway main menu, expand the link “Registrant Information Forms.”
  4. Click "Edit or Affirm your organizations's G-40 Contact Detalis to view "OrganizationSummary" screen
  5. Locate the “Primary contact” section of the screen. Click “Edit.”
  6. Update information. Confirm email address (required for all changes to the Primary contact’s account).
  7. Scroll to the bottom of the “Organization Summary” screen and click “Affirm” to affirm updates to the account. Click “Next.”

    If no changes to the Primary contact’s information are necessary, follow these steps:
  1. Go to www.msrb.org and click “Login.”
  2. Log in with the User ID and Password for the primary contact.
  3. From the MSRB Gateway main menu, expand the link “Registrant Information Forms.”
  4. Click “Edit or Affirm your organization’s G-40 Contact Details” to view the “Organization Summary” screen.
  5. Locate the primary contact section on the screen. Click the “Affirm” button located at the bottom of the screen.
  6. A confirmation page will appear. Print confirmation page for your records.

5. Q:  Can a Primary G-40 Contact account be updated in writing or by phone instead of online?
A:  No. All updates and amendments to the Primary contact must be submitted electronically by the Primary contact.  

6. Q:  If my firm registers with the MSRB, how do I obtain a User ID and Password to access my MSRB Account?
A:   The user ID and password is created after the MSRB authorizes the organization’s registration.  After the organization is authorized an email containing information about the user ID and password will be sent to the primary contact.   

7. Q:  If a Primary G-40 Contact account is created within the 17-day annual update period, is the municipal securities dealer or the municipal advisor still required to perform the update requirement for that year?
A:  Any primary contact who, during the 17-business-day update period, creates, modifies or affirms  their primary contact information shall be deemed to be in compliance with the annual update requirement applicable to the year immediately preceding that 17-business-day update period. 

8. Q:  My firm has been registered with the MSRB for some time.  What should I do if I forget my user ID or password?
A:   If you have forgotten your password but know your user ID, go to the Gateway login page and click “Forgot Your Password.” If you have forgotten both your password and user ID, contact the MSRB’s offices and the appropriate personnel will assist you. 

9. Q:  Does the Primary G-40 Contact have to be a registered principal?
A:  Yes, for municipal securities dealer organizations. MSRB Rule G-40 requires that the primary contact for municipal securities dealer organizations be a Series 53-registered municipal securities principal or a Series 51-registered municipal fund securities limited principal with the firm. If the municipal securities dealer is newly registered with the MSRB and does not yet have a registered principal, the municipal securities dealer may designate a temporary primary contact, but must designate a registered principal (either Series 51 or Series 53) as the primary contact within 90 days of registering with the MSRB. Failure to do so will result in the municipal securities dealer being referred to FINRA, or the appropriate bank regulator, for appropriate enforcement action.

10. Q:  What should an organization do if its’ Primary G-40 Contact’s email address changes?
A:  The primary contact should promptly amend its G-40 account. It is vital that this information remain current so that the organization continues to receive important information from the MSRB.   

11. Q:  What should an organization do if the Primary G-40 Contact is no longer employed by the firm and the organization wants to designate a new Primary G-40 Contact?
A:  If you do not have the primary contact’s user ID and password, contact the MSRB’s offices and the appropriate G-40 personnel will assist you. However, if you know the primary contact’s user ID and password, then follow the steps in scenarios III and IV above.   

12. Q:  We are a municipal securities dealer organization and the person currently listed as our Primary G-40 Contact has left the firm and we do not have another Series 51 or Series 53 principal to replace him. Who should be designated as our new Primary G-40 Contact?
A:  MSRB Rule G-40 requires that the primary contact for a municipal securities dealer organization be a Series 53- or Series 51-registered principal with the firm. If the firm currently does not have such a principal, you may appoint someone to temporarily serve in that position. However, that person must take and pass either the Series 51 or Series 53 exam within 90 days of such designation. 

13. Q:  I am the Primary G-40 Contact for my organization and do not wish to receive MSRB emails. How do I unsubscribe from the MSRB email notification system?
A:  A primary contact may not “unsubscribe” from the MSRB email notification system. However, as the primary contact, you may designate another principal (either Series 51 or Series 53 for a municipal securities dealer organization) to fill that role by logging in to Gateway and transferring the role to another person. For municipal securities dealer firms this individual should be a Series 51- or Series 53-registered principal or will pass either the Series 51 or Series 53 exam within 90 days of such designation.   

14. Q:   I am the Optional G-40 Contact for my organization and no longer wish to serve in that role. How do I remove myself from this designation?
A:   An optional contact may remove himself or herself from this role by logging in to the firm’s G-40 Account (using your user ID and password) and following the steps in scenario VI above. 

15. Q:  How can other employees of an organization receive MSRB notices?
A:  The primary contact may appoint an optional contact (this individual does not have to be a registered principal or hold any specific position for municipal securities dealer organizations.) In addition, any person in the organization may subscribe to the MSRB’s email notification system by simply browsing the MSRB’s website at www.msrb.org, clicking on “Email Subscriptions” at the top of the page, and submitting the electronic form. This service is provided free of charge.  

16. Q:  We are no longer operating as a municipal securities dealer. We sent our Form BDW to FINRA to withdraw our membership with them; will that automatically withdraw membership with the MSRB? 
A:  No. Membership with the MSRB is separate from FINRA membership. In order to withdraw from the MSRB, you must submit a written statement directly to the MSRB and include the firm’s name, address and SEC registration number, along with a statement that your firm is no longer engaging in municipal securities activities. 

17. Q:  Who can I call if I need help with MSRB Rule G-40 or have questions regarding the role of the Primary G-40 Contact?
A:  Contact the MSRB’s offices at (703) 797-6668 and the appropriate personnel will assist you.