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

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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-11
Last Updated: 06/27/2019
Primary Offering Practices

Rule Summary: Establishes terms and conditions for sales by dealers of new issues of municipal securities in primary offerings, including provisions on priority of customer orders.

Rule for:

Dealers, Bank Dealers

Status:
Rule G-13
Last Updated: 06/15/1999
Quotations Relating to Municipal Securities

Rule Summary: Requires quotations distributed or published by a dealer to represent bona fide bids or offers of municipal securities, based upon the dealer’s best judgment of the fair market value of the securities, and prohibits misrepresentation of another dealer’s quotations.

Rule for:

Dealers, Bank Dealers

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-18
Last Updated: 09/17/2015
Best Execution

Rule Summary: Requires dealers to use reasonable diligence to ascertain the best market for the subject security and buy or sell in that market so that the resultant price to the customer is as favorable as possible under prevailing market conditions.

Rule for:

Dealers, Bank Dealers

Status:
Rule G-19
Last Updated: 06/25/2020
Suitability of Recommendations and Transactions

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

Rule for:

Dealers, Bank Dealers, Municipal Fund Securities

Status:
Rule G-21
Last Updated: 06/28/2019
Advertising by Brokers, Dealers or Municipal Securities Dealers

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 for:

Dealers, Bank Dealers, Municipal Fund Securities

Status:
Rule G-22
Last Updated: No amendment history
Control Relationships

Rule Summary: Prohibits discretionary account transactions and effecting purchase and sale transactions of municipal securities by dealers, where the dealer has a control relationship with respect to the security, absent disclosure to the customer of such relationship.

Rule for:

Dealers, Bank Dealers

Status:
Rule G-23
Last Updated: 05/27/2011
Activities of Financial Advisors

Rule Summary: Requires dealers to evidence in writing financial advisory relationships and prohibits dealers from serving as financial advisor and underwriter or placement agent on the same issue.

Rule for:

Dealers, Bank Dealers

Status:
Rule G-24
Last Updated: No amendment history
Use of Ownership Information Obtained in Fiduciary or Agency Capacity

Rule Summary: Prohibits dealers from using non-public information obtained in the course of certain fiduciary or agency capacities concerning the ownership of securities in furtherance of their business activities or for financial gain.

Rule for:

Dealers, Bank Dealers

Status:
Rule G-25
Last Updated: 09/19/1983
Improper Use of Assets

Rule Summary: Prohibits dealers from improperly using municipal securities or funds held on behalf of another person, guaranteeing customers against loss in customer accounts and transactions, and sharing in profits and losses of customer accounts and transactions by any dealer.

Rule for:

Dealers, Bank Dealers

Status:
Rule G-30
Last Updated: 11/17/2016
Prices and Commissions

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 for:

Dealers, Bank Dealers, Municipal Fund Securities

Status:
Rule G-31
Last Updated: No amendment history
Reciprocal Dealings with Municipal Securities Investment Companies

Rule Summary: Prohibits the solicitation of transactions in municipal securities with or for an investment company account in return for sales by the dealer of shares or units in the investment company.

Rule for:

Dealers, 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-39
Last Updated: 05/24/2013
Telemarketing

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

Rule for:

Dealers, 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-43
Last Updated: 06/22/2012
Broker’s Brokers

Rule Summary: Establishes duties of dealers acting as broker’s brokers, including when conducting auctions of municipal securities known as “bid-wanteds”; requires broker’s brokers to establish policies and procedures regarding bid-wanteds and offerings; and prohibits certain wrongful conduct.  

Rule for:

Dealers, Bank Dealers

Status:
Rule G-45
Last Updated: 04/22/2019
Reporting of Information on Municipal Fund Securities

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 for:

Dealers, Bank Dealers, Municipal Fund Securities

Status:
Rule G-46
Last Updated: No amendment history
Rule G-46 Reserved
Rule for:

Status:
Rule G-47
Last Updated: 03/07/2014
Time of Trade Disclosure

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.

Rule for:

Dealers, Bank Dealers, Municipal Fund Securities

Status:
Rule G-48
Last Updated: 10/05/2021
Transactions with Sophisticated Municipal Market Professionals

Rule Summary: Provides for modified dealer regulatory obligations under other MSRB rules when dealing with sophisticated municipal market professionals.

Rule for:

Dealers, Bank Dealers

Status: