Rule Interpretations

The MSRB issues interpretations of its rules that securities firms and banks must follow when advising investors and engaging in municipal securities transactions. Read the MSRB's policy on providing rule interpretations.

Title Publication Date Rule Number Notice Type
Application of MSRB Rules to Transactions in Managed Accounts 12/01/2016 Rule G-48 Interpretive Notice
Time of Trade Disclosure—Disclosure of Market Discount 11/22/2016 Rule G-47 Interpretive Notice
Sales of Interests in ABLE Programs in the Primary Market 4/12/2016 Rule D-12 Interpretive Notice
Calculations for Securities with Periodic Interest Payments 2/23/2016 Rule G-33 Interpretive Notice
Notice to Dealers That Use the Services of Broker’s Brokers 12/22/2012 Rule G-43 Interpretive Notice
Interpretive Notice Concerning the Application of MSRB Rule G-17 to Underwriters of Municipal Securities 8/02/2012 Rule G-17 Interpretive Notice
Guidance on the Prohibition on Underwriting Issues of Municipal Securities for Which a Financial Advisory Relationship Exists Under Rule G-23 11/27/2011 Rule G-23 Interpretive Notice
Reminder Regarding the Application of Rule G-37 to Federal Election Campaigns of Issuer Officials 9/28/2011 Rule G-37 Interpretive Notice
Guidance on Dealer-Affiliated Political Action Committees Under Rule G-37 12/12/2010 Rule G-37 Interpretive Notice
Interpretation on Priority of Orders for Securities in a Primary Offering under Rule G-17 10/12/2010 Rule G-17 Interpretive Notice
MSRB Reminds Firms of Their Sales Practice and Due Diligence Obligations when Selling Municipal Securities in the Secondary Market 9/20/2010 Rule G-17 , Rule G-19 , Rule G-27 , Rule G-30 Interpretive Notice
Reminder Notice on Fair Practice Duties to Issuers of Municipal Securities 9/29/2009 Rule G-17 Interpretive Notice
Notice Concerning Use of Electronic Confirmations Produced By a Clearing Agency or Qualified Vendor to Satisfy the Requirements of Rule G-15(a) 9/15/2009 Rule G-15 Interpretive Notice
Build America Bonds: Reminder of Customer Confirmation Yield Disclosure Requirement 8/25/2009 Rule G-15 Interpretive Notice
Guidance on Disclosure and Other Sales Practice Obligations to Individual and Other Retail Investors in Municipal Securities 7/14/2009 Rule G-17 Interpretive Notice