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MSRB Archived Interpretive Guidance

MSRB Archived Interpretive Guidance

Listed below are interpretations that have been deleted as part of the MSRB's ongoing initiative to review and consolidate its Rule Book. The full text of these interpretations continues to be available in past editions of the MSRB Rule Book. Select archived guidance is also linked below.

As of May 22, 2024 (read the archived guidance and refer to MSRB Notice 2024-07)

  • Confirmation Disclosure: Put Option Bonds - May 11, 1981
  • Confirmation: Mailing of WAII Confirmation - April 30, 1982
  • Confirmation Disclosure: Advance Refunded Securities - January 4, 1984
  • Confirmation Disclosures: Tender Option Bonds with Adjustable Tender Fees - October 3, 1984
  • Confirmation Disclosures: Tender Option Bonds with Adjustable Tender Fees - March 5, 1985
  • Callable Securities: Pricing to Call - March 9, 1979 
  • Callable Securities: Pricing Transactions on Construction Loan Notes - March 5, 1984
  • Agency Transaction: Pricing - September 20, 1979
  • Securities Description: Prerefunded Securities - February 17, 1998

As of March 1, 2024 (read the archived guidance and refer to MSRB Notice 2023-03)

  • Excerpt from Notice of Application of MSRB Rules to Solicitor Municipal Advisors - May 4, 2017

As of July 3, 2023 (read the archived guidance and refer to MSRB Notice 2023-05)

  • FAQs regarding the Use of Social Media under MSRB Rule G-21, on Advertising by Brokers, Dealers or Municipal Securities Dealers, and MSRB Rule G-40, on Advertising by Municipal Advisors - August 23, 2019

As of May 10, 2021 (read the archived guidance and refer to MSRB Notice 2021-02)

  • Apprenticeship - February 17, 1978

  • Syndicate Records: Sole Underwriter - May 12, 1989
  • Settlement of Syndicate Accounts - November 1, 1978
  • Reporting of Transactions Arising From Repurchase Agreements - June 18, 2004
  • Reminder Notice on “List Offering Price” and Three-Hour Exception for Real-Time Transaction Reporting - December 10, 2004
  • Blanket Consent - July 30, 1981
  • Issuer Consent: Financial Advisor Participation in Underwriting - April 10, 1984
  • Notice on Recently Effective Changes in Calculations Rule - May 31, 1984
  • Multiple Underwriters - January 30, 1998
  • Reminder Notice on Prohibited Payments to Non-Affiliated Persons for Solicitations of Municipal Securities Business Under Rule G-38 and Form G-38t Submission Requirements - June 12, 2007
  • Notice Regarding Regulation of Taxable Municipal Securities - October 6, 1986
  • Notice Concerning Executing Broker Symbols - December 16, 1996
  • Periodic compliance examinations - February 17, 1978
  • "Person" - March 19, 1980
  • Reminder Regarding the Application of Rule G-37 to Federal Election Campaigns of Issuer Officials - September 28, 2011

As of March 31, 2021 (read the archived guidance and refer to MSRB Notice 2021-03)

  • Interpretive Notice Concerning the Application of MSRB Rule G-17 to Underwriters of Municipal Securities - August 2, 2012

As of November 16, 2016 (refer to MSRB Notice 2016-21)    

  • Notice Concerning Calendar of Procedures Under Rule G-12 on Uniform Practice - October 1, 1981
  • Notice Concerning Use of PEX System for Close-Outs: Rule G-12 - March 31, 1993
  • Use of Facsimile Transmissions for Close-Outs: Rule G-12(h) - December 20, 1996
  • Close-out procedures: timing of payments on retransmittals - September 23, 1983
  • Close-out procedures: transactions involving introducing broker - March 5, 1984

As of July 18, 2016 (read the archived guidance and refer to MSRB Notice 2021-02)

  • Use of formulas: annual interest securities - June 6, 1983

As of July 7, 2014 (refer to MSRB Notice 2014-11)

  • Review of Dealer Pricing Responsibilities - January 26, 2004
  • Republication of September 1980, Report on Pricing - October 3, 1984
  • Interpretive Notice on Pricing of Callable Securities - August 10, 1979
  • Factors in Pricing - November 29, 1993

As of July 5, 2014 (refer to MSRB Notice 2014-07)

  • Interpretive Notice Regarding Rule G-17, on Disclosure of Material Facts - March 18, 2002
  • Notice of Interpretation of Rule G-17 Concerning Minimum Denominations - January 30, 2002
  • Notice Concerning Disclosure of Call Information to Customers of Municipal Securities - March 4, 1986
  • Notice Regarding Application of Rule G-19, on Suitability of Recommendations and Transactions, to Online Communications - September 25, 2002
  • Application of Suitability Requirements to Investment Seminars and Customer Inquiries Made in Response to Dealer's Advertisements - April 25, 1985 (updated 1994)
  • Recommendations - February 17, 1998
  • Recommendations: Advertisements - February 24, 1994
  • Restated Interpretive Notice Regarding the Application of MSRB Rules to Transactions with Sophisticated Municipal Market Professionals - July 9, 2012
  • Interpretive Notice Regarding the Application of MSRB Rules to Transactions with Sophisticated Municipal Market Professionals - April 30, 2002
  • MSRB Answers Frequently Asked Questions Regarding Dealer Disclosure Obligations Under MSRB Rule G-17 - November 30, 2011
  • Application of MSRB Rules to Transactions in Auction Rate Securities - February 19, 2008

 As of May 12, 2014 (refer to MSRB Notice 2014-05)

  • Registered municipal securities dealer – June 11, 1981
  • Fully disclosed broker – April 4, 1978
  • Extent and type of municipal securities activities – May 3, 1978

 As of October 12, 2010 (read the archived guidance and refer to MSRB Notice 2021-02)

  • Notice of Interpretation Concerning Priority of Orders for New Issue Securities - December 22, 1987 

 

 

 

 

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