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

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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-16
Last Updated: 12/09/2020
Periodic Compliance Examination

Rule Summary: Sets forth minimum scope and frequency of periodic compliance examinations of dealers by a registered securities association and bank regulators.

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-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-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-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-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 A-4
Last Updated: No amendment history
Meetings of the Board
Rule for:

Status:
Rule A-5
Last Updated: No amendment history
Officers and Employees of the Board
Rule for:

Status:
Rule A-6
Last Updated: No amendment history
Committees of the Board
Rule for:

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-12
Last Updated: 08/09/2022
Registration
Rule for:

Dealers

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-13
Last Updated: 08/09/2022
Underwriting and Transaction Assessments for Brokers, Dealers and Municipal Securities Dealers
Rule for:

Dealers, Bank Dealers, Municipal Fund Securities

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