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

Back to top
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-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-14
Last Updated: 03/14/2016
Reports of Sales or Purchases

Rule Summary: Prohibits dealers from distributing or publishing reports of purchases or sales of municipal securities unless the report is made with knowledge or reason to believe that the transaction was effected, and without any reason to believe that the reported transaction is fictitious, or in furtherance of any fraudulent, deceptive or manipulative purpose, and establishes transaction reporting requirements and procedures.

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-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-27
Last Updated: 03/09/2022
Supervision

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

Rule for:

Dealers, Bank Dealers, Municipal Fund Securities

Status:
New SEC Filing
Proposed Rule Change to Amend MSRB Rule G-27, on Supervision, to Further Extend the Current Regulatory Relief for Remote Office Inspections through June 30, 2023
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
New Compliance Resource
Underwriter Considerations for Assessing Written Supervisory Procedures Regarding New Issue Pricing
View Resource
Rule G-32
Last Updated: 02/22/2021
Disclosures In Connection With Primary Offerings

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 for:

Dealers, Bank Dealers, Municipal Fund Securities

Status:
New Request for Comment
Request for Comment on Draft Amendments to MSRB Rule G-32 to Streamline the Deadlines for Submitting Information on Form G-32
View Notice
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 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:
Rule A-3
Last Updated: No amendment history
Board Membership: Composition, Elections, Removal, Compensation
Rule for:

Dealers, Municipal Advisors, Bank Dealers

Status:
Rule D-9
Last Updated: No amendment history
"Customer"
Rule for:

Dealers, Bank Dealers

Status:
Rule D-15
Last Updated: No amendment history
Sophisticated Municipal Market Professional
Rule for:

Dealers, Bank Dealers

Status: