Rule Summary: Defines the term “separately identifiable department or division of a bank” and sets forth bank activities that constitute dealer activities.

Rule Summary: Prohibits dealers from effecting transactions in municipal securities and municipal advisors from engaging in municipal advisory activities unless they and their associated personnel are qualified in accordance with MSRB rules.

Rule Summary: Establishes professional qualification and continuing education requirements for, and specifies the number of supervisory personnel who must be associated with, dealers and municipal advisors.

Rule Summary: Prohibits dealers and municipal advisors from effecting transactions in municipal securities or engaging in municipal advisory activities in violation of restrictions imposed by other regulatory bodies.

Rule Summary: Requires dealers and municipal advisors to make and keep current certain specified records.

Rule Summary: Prescribes the periods of time that records must be preserved and requires that records be accessible for inspection by appropriate regulatory agencies.

Rule Summary: Requires dealers and municipal advisors to provide certain notices to customers and clients within specified timeframes.

Rule Summary: Requires dealers to provide customers with written confirmations of transactions, containing specified information, including mark-ups and mark-downs, and prescribes certain uniform practice procedures for dealers that transact municipal securities business with customers.

Rule Summary: Requires dealers and municipal advisors to deal fairly with all persons and not to engage in any deceptive, dishonest or unfair practice.

Rule Summary: Sets standards for recommendations by dealers to customers of purchases, sales or exchanges of municipal securities.

Rule Summary: Prohibits dealers and municipal advisors from giving gifts or providing services in excess of $100 to another person in relation to the municipal securities activities of such person’s employer and limits the giving and acceptance of non-cash compensation by dealers, subject to exceptions.

Rule Summary: Prohibits dealers from publishing false or misleading advertisements relating to municipal securities or concerning the facilities, services or skills of any dealer; establishes specific requirements for advertisements of new issues and municipal fund securities; and requires a municipal securities or general securities principal to approve in writing advertisements prior to first use.

Rule Summary: Ensures that a uniform account transfer standard applies to all dealers.

Rule Summary: Outlines requirements for a dealer’s supervision of personnel engaged in activities involving municipal securities activities.

Rule Summary: Establishes requirements for dealers who open accounts or effect transactions in municipal securities for a customer who is known to be an employee or partner of another dealer.

Rule Summary: Requires dealers to effect transactions in municipal securities with customers at fair and reasonable prices, if acting as principal, and to make reasonable efforts to obtain fair and reasonable prices for customers and to charge fair and reasonable commissions, if acting as agent.

Rule Summary: Requires underwriters to submit certain information to the Electronic Municipal Market Access (EMMA®) system and dealers to provide certain information to customers in connection with primary offerings.

Rule Summary: Establishes requirements relating to CUSIP numbers for dealers and, in competitive offerings, municipal advisors; requires underwriter participation in the New Issue Information Dissemination Service (NIIDS); and requires submission of certain information and documents related to auction rate securities and variable rate demand obligations to the SHORT system.

Rule Summary: Prohibits dealers from engaging in municipal securities business and municipal advisors from engaging in municipal advisory business with municipal entities if certain contributions have been made to officials of such municipal entities within the preceding two-year period, and requires dealers and municipal advisors to disclose certain political contributions and other information.

Rule Summary: Establishes telemarketing requirements with respect to the municipal securities activities of dealers.

Rule Summary: Prohibits municipal advisors from publishing false or misleading advertisements concerning the services of the municipal advisor or the engagement of a municipal advisory client or concerning the facilities, services or skills of any municipal advisor, establishes specific content standards for advertisements and requires a municipal advisor principal to approve, in writing, advertisement prior to first use.

Rule Summary: Establishes the core standards of conduct and duties of municipal advisors when engaging in municipal advisory activities (as defined in this rule).

Rule Summary: Establishes supervisory and compliance obligations of municipal advisors when engaging in municipal advisory activities.

Rule Summary: Requires dealers, when acting in the capacity of an underwriter for a 529 savings plan or ABLE program, to submit information on a semi-annual or, in the case of performance data, annual basis, to the MSRB.

Rule Summary: Establishes the core standards of conduct for solicitor municipal advisors when engaging in solicitation activities that would require them to register with the SEC and the MSRB as municipal advisors.

Rule Summary: Requires dealers to disclose to customers at or prior to the time of trade all material information known or available publicly through established industry sources.