See Rules that have rulemaking activity or compliance resources in the last two years:

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Rule G-1
Last Updated: 02/26/2015
Separately Identifiable Department or Division of a Bank

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

Rule for:

Dealers, Municipal Advisors, Bank Dealers

Status:
Rule G-2
Last Updated: 02/26/2015
Standards of Professional Qualification

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 for:

Dealers, Municipal Advisors, Bank Dealers

Status:
Rule G-3
Last Updated: 09/10/2021
Professional Qualification Requirements

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 for:

Dealers, Municipal Advisors, Bank Dealers, Municipal Fund Securities

Status:
New Request for Comment
Request for Comment on Draft Amendments to Create an Exemption for Municipal Advisor Representatives from Requalification by Examination
View Notice
New SEC Filing
Proposed Rule Change to Amend Rule G-3, on Professional Qualification Requirements, to Delete References to Certain Temporary Regulatory Relief Implemented During the Height of the Coronavirus Disease
View SEC Filing
/2022-11/2022-12.pdf
New Notice
MSRB Extends Regulatory Relief for Remote Inspections and Files Amendments to Remove Expired Professional Qualifications Relief
View Notice
Rule G-5
Last Updated: 12/22/2010
Disciplinary Actions by Appropriate Regulatory Agencies; Remedial Notices by Registered Securities Associations

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 for:

Dealers, Municipal Advisors, Bank Dealers

Status:
Rule G-8
Last Updated: 06/25/2020
Books and Records to be Made by Brokers, Dealers, and Municipal Securities Dealers and Municipal Advisors

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

Rule for:

Dealers, Municipal Advisors, Bank Dealers, Municipal Fund Securities

Status:
Rule G-9
Last Updated: 06/25/2020
Preservation of 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 for:

Dealers, Municipal Advisors, Bank Dealers

Status:
Rule G-10
Last Updated: 10/05/2021
Investor and Municipal Advisory Client Education and Protection

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

Rule for:

Dealers, Municipal Advisors, Bank Dealers, Municipal Fund Securities

Status:
Rule G-17
Last Updated: 11/06/2019
Conduct of Municipal Securities and Municipal Advisory Activities

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 for:

Dealers, Municipal Advisors, Bank Dealers, Municipal Fund Securities

Status:
New Compliance Resource
Underwriter Considerations for Assessing Written Supervisory Procedures Regarding New Issue Pricing
View Resource
Rule G-20
Last Updated: 06/25/2020
Gifts, Gratuities, Non-Cash Compensation and Expenses of Issuance

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 for:

Dealers, Municipal Advisors, Bank Dealers

Status:
Rule G-34
Last Updated: 12/14/2017
CUSIP Numbers, New Issue, and Market Information Requirements

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 for:

Dealers, Municipal Advisors, Bank Dealers

Status:
Rule G-37
Last Updated: 08/04/2016
Political Contributions and Prohibitions on Municipal Securities Business and Municipal Advisory Business

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 for:

Dealers, Municipal Advisors, Bank Dealers, Municipal Fund Securities

Status:
Rule G-40
Last Updated: 02/28/2019
Advertising by Municipal Advisors

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 for:

Municipal Advisors, Municipal Fund Securities

Status:
Rule G-42
Last Updated: 05/07/2018
Duties of Non-Solicitor Municipal Advisors

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 for:

Municipal Advisors, Municipal Fund Securities

Status:
New Compliance Resource
Considerations for Assessing Written Supervisory Procedures for Municipal Advisory Services
View Resource
Rule G-44
Last Updated: 04/20/2020
Supervisory and Compliance Obligations of Municipal Advisors

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

Rule for:

Municipal Advisors, Municipal Fund Securities

Status:
New Compliance Resource
Considerations for Assessing Written Supervisory Procedures for Municipal Advisory Services
View Resource
Rule A-3
Last Updated: No amendment history
Board Membership: Composition, Elections, Removal, Compensation
Rule for:

Dealers, Municipal Advisors, Bank Dealers

Status:
Rule A-7
Last Updated: No amendment history
Assessments
Rule for:

Dealers, Municipal Advisors, Bank Dealers

Status:
Rule A-8
Last Updated: No amendment history
Rulemaking Procedures
Rule for:

Dealers, Municipal Advisors

Status:
Rule A-11
Last Updated: 08/09/2022
Assessments for Municipal Advisor Professionals
Rule for:

Municipal Advisors

Status:
New SEC Filing
Proposed Rule Change to Amend Certain Rates of Assessment for Rate Card Fees under MSRB Rules A-11 and A-13, Institute an Annual Rate Card Process for Future Rate Amendments, and Provide for Certain Technical Amendments to MSRB Rules A-11, A-12, and A-13
View SEC Filing
Rule A-16
Last Updated: No amendment history
Examination Fees
Rule for:

Dealers, Municipal Advisors, Bank Dealers

Status:
Rule A-18
Last Updated: No amendment history
Mandatory Participation in Business Continuity and Disaster Recovery Testing
Rule for:

Dealers, Municipal Advisors, Bank Dealers

Status:
Rule D-11
Last Updated: No amendment history
"Associated Persons"
Rule for:

Dealers, Municipal Advisors, Bank Dealers

Status:
Rule D-13
Last Updated: No amendment history
"Municipal Advisory Activities"
Rule for:

Municipal Advisors

Status:
Rule D-14
Last Updated: No amendment history
"Appropriate Regulatory Agency"
Rule for:

Dealers, Municipal Advisors, Bank Dealers

Status: