Regulatory Documents

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Notice 2025-03 - Informational Notice

Publication date: 01/17/2025

Designation Information Regarding Mandatory Participation in Business Continuity and Disaster Recovery Testing

Information for:

Municipal Advisors

Rule Number:

Rule A-18

Notice 2025-02 - Request for Comment

Publication date: 01/13/2025 | Comment due: 05/16/2025

Concept Release: MSRB Requests Comment on a Municipal Securities Pre-Trade Data Initiative

Information for:

Bank Dealers, Dealers, General Public, Investors

Submit Comments

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Notice 2025-01 - Informational Notice

Publication date: 01/02/2025

Notice Concerning Trades Effected on January 9, 2025 – National Day of Mourning for Former President James Earl Carter, Jr.

Information for:

Dealers, General Public, Investors

Rule Number:

Rule G-14

Notice 2024-15 - Request for Comment

Publication date: 12/11/2024 | Comment due: 04/11/2025

Concept Release: MSRB Requests Comment on Potential Modernization of Municipal Fund Securities Disclosure Obligations

Information for:

Dealers, General Public, Investors, Issuers, Municipal Advisors

Rule Number:

Rule G-17, Rule G-32, Rule G-47

Submit Comments

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Notice 2024-14 - Request for Comment

Publication date: 10/30/2024 | Comment due: 01/28/2025

Request for Information on the MSRB’s Rate Card Process

Information for:

Dealers, General Public, Municipal Advisors

Submit Comments

American Securities Association: Letter from Jessica R. Giroux, General Counsel and Head of Fixed Income Policy, dated January 28, 2025
Bond Dealers of America: Letter from Michael Decker, Senior Vice President, dated January 28, 2025
ICE Bonds Securities Corporation: Letter from Robert Laorno, General Counsel, dated January 21, 2025
National Association of Municipal Advisors: Letter from Susan Gaffney, Executive Director, dated January 28, 2025
Public Resources Advisory Group, Inc.: Letter from Thomas F. Huestis, Senior Managing Director, dated January 27, 2025
Securities Industry and Financial Markets Association: Letter from Leslie M. Norwood, Managing Director and Associate General Counsel, and Gerald O’Hara, Vice President and Assistant General Counsel, dated January 28, 2025

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Notice 2024-13 - Informational Notice

Publication date: 10/28/2024

MSRB Seeks Volunteers for Advisory Groups Including a New Group on Technology

Information for:

Dealers, General Public, Investors, Issuers, Municipal Advisors

Notice 2024-12 - Approval Notice

Publication date: 09/20/2024

SEC Approves Amendments to MSRB Rule G‐14 to Shorten Timeframe for Reporting Transactions in Municipal Securities

Information for:

Dealers, General Public, Investors

Rule Number:

Rule G-12, Rule G-14, IF-1

SEC Filing SR-MSRB-2024-06

Publication date: 07/30/2024

Proposed Rule Change to Amend the MSRB’s Real-Time Transaction Reporting System and Price Dissemination Information Facility to Retire the Transmission Control Protocol Secure Socket Connection

Federal Register Notice of Immediately Effective Proposed Rule Change (August 07, 2024 )

SEC Approval Order (August 01, 2024 )

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Notice 2024-11 - Informational Notice

Publication date: 07/30/2024

MSRB Amends Real-Time Transaction Reporting and Price Dissemination Information Facility to Consolidate Subscriber Access to Real-Time Transaction Reporting System Data

Information for:

Dealers

Rule Number:

IF-1

Notice 2024-10 - Approval Notice

Publication date: 07/12/2024

SEC Approves Amendments to Rule G-47 to Add Three New Time of Trade Disclosure Scenarios, Codify and Consolidate Existing Guidance, Delete Certain Guidance, and Make Technical Amendments

Information for:

Dealers, General Public, Investors

Rule Number:

Rule G-47

Notice 2024-09 - Request for Comment

Publication date: 06/05/2024 | Comment due: 08/05/2024

Request for Comment on Gathering and Display of Bank Dealer Associated Persons’ Registration and Qualification Information

Information for:

Bank Dealers, General Public, Investors

Rule Number:

Rule G-7, Rule A-12

Association of Registration Management, Inc.: Letter from Richard Izzo, President, dated August 5, 2024
Bond Dealers of America: Letter from Michael Decker, Senior Vice President, dated August 5, 2024
Frost Bank Capital Markets Division: Letter from Jeff Beckel, SEVP and Director of Capital Markets, dated July 30, 2024
Frost Bank Capital Markets Division: Email from Trevor Cross dated July 30, 2024
Securities Industry and Financial Markets Association: Letter from Leslie M. Norwood, Managing Director and Associate General Counsel, Head of Municipal Securities, dated August 5, 2024

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Notice 2024-08 - Informational Notice

Publication date: 05/31/2024

MSRB Amends Rule G-27 to Allow Dealers to Conduct Remote Inspections, Consistent with Recent FINRA Amendments

Information for:

Dealers, General Public, Investors, Issuers

Rule Number:

Rule G-27

SEC Filing SR-MSRB-2024-05

Publication date: 05/30/2024

Proposed Rule Change to Amend MSRB Rule G-27, on Supervision, to Allow Eligible Dealers to Fulfill Their Internal Inspection Obligation of Certain Offices and Locations Remotely for a Pilot Period, Subject to the Conditions Prescribed under FINRA’s Remote Inspections Pilot Program

Federal Register Notice of Immediately Effective Proposed Rule Change (June 12, 2024 )

SEC Approval Order (June 06, 2024 )

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Notice 2024-07 - Informational Notice

Publication date: 05/22/2024

MSRB to Retire Select Interpretive Guidance Regarding Inter-Dealer Confirmation Disclosures

Information for:

Bank Dealers, Dealers, General Public, Investors

Rule Number:

Rule G-12, Rule G-15

SEC Filing SR-MSRB-2024-04

Publication date: 05/10/2024

Proposed Rule Change to Amend MSRB Rule G-27, on Dealer Supervision, to Adopt a New Residential Supervisory Location Classification

MSRB Response to Comments (July 09, 2024 )

Federal Register Notice of Immediately Effective Proposed Rule Change (May 20, 2024 )

SEC Approval Order (May 14, 2024 )

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Notice 2024-06 - Informational Notice

Publication date: 05/10/2024

MSRB Amends Rule G-27 to Adopt the Residential Supervisory Location Classification Consistent with FINRA Dealer Supervision Provisions

Information for:

Dealers, General Public, Investors, Issuers

Rule Number:

Rule G-27

SEC Filing SR-MSRB-2024-03

Publication date: 04/09/2024

Proposed Rule Change to Amend MSRB Rule G-47, on Time of Trade Disclosure, to Codify and Retire Certain Existing Interpretive Guidance and Add New Time of Trade Disclosure Scenarios

Federal Register Notice of Approval (July 17, 2024 )

SEC Approval Order (July 11, 2024 )

MSRB Response to Comments (June 14, 2024 )

SEC Request for Extension of Time (May 23, 2024 )

Federal Register Notice of Filing (April 18, 2024 )

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SEC Filing SR-MSRB-2024-02

Publication date: 03/21/2024

Proposed Rule Change to Clarify the Calculation of the Annual Fee on Municipal Advisors under MSRB Rule A-11

Federal Register Notice of Immediately Effective Proposed Rule Change (March 28, 2024 )

SEC Approval Order (March 22, 2024 )

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Notice 2024-05 - Informational Notice

Publication date: 03/21/2024

MSRB Makes Technical Amendment to Rule A-11 on Municipal Advisor Fees

Information for:

Municipal Advisors

Rule Number:

Rule A-11

Notice 2024-04 - Informational Notice

Publication date: 02/16/2024

Existing Dealer and Municipal Advisor Fees Maintained Upon Withdrawal of 2024 Annual Rate Card

Rule Number:

Rule A-11, Rule A-13

Notice 2024-03 - Approval Notice

Publication date: 02/08/2024

SEC Approves Amendment to MSRB Rule G-12 to Promote the Completion of Allocations, Confirmations, and Affirmations by the End of Trade Date

Rule Number:

Rule G-12

Notice 2024-02 - Informational Notice

Publication date: 01/30/2024

Current Dealer and Municipal Advisor Fees Upon SEC Suspension of 2024 Annual Rate Card Fees

Information for:

Dealers, Municipal Advisors

Rule Number:

Rule A-11, Rule A-13

SEC Filing SR-MSRB-2024-01

Publication date: 01/12/2024

Proposed Rule Change to Amend MSRB Rule G-14 to Shorten the Timeframe for Reporting Trades in Municipal Securities to the MSRB

Federal Register Notice of Approval (September 26, 2024 )

SEC Approval Order (September 20, 2024 )

Federal Register Notice of Amendment No. 1 (July 31, 2024 )

MSRB Response to Comments (July 18, 2024 )

Amendment No. 1 (July 18, 2024 )

Federal Register Notice of Filing (January 26, 2024 )

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Notice 2024-01 - Informational Notice

Publication date: 01/04/2024

Designation Information Regarding Mandatory Participation in Business Continuity and Disaster Recovery Testing

Information for:

Dealers, Municipal Advisors

Rule Number:

Rule A-18

SEC Filing SR-MSRB-2023-07

Publication date: 12/20/2023

Proposed Rule Change to Amend MSRB Rule G-12 to Promote the Completion of Allocations, Confirmations, and Affirmations by the End of Trade Date [Refiled to make technical changes, original filed on December 14, 2023]

Federal Register Notice of Approval (February 13, 2024 )

SEC Approval Order (February 07, 2024 )

MSRB Response to Comments (February 01, 2024 )

Federal Register Notice of Filing (December 28, 2023 )

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Regulatory Documents for the
Municipal Market

Select regulatory documents by category:

Regulatory Document Type

Designation Information Regarding Mandatory Participation in Business Continuity and Disaster Recovery Testing

Concept Release: MSRB Requests Comment on a Municipal Securities Pre-Trade Data Initiative

Notice Concerning Trades Effected on January 9, 2025 – National Day of Mourning for Former President James Earl Carter, Jr.

Concept Release: MSRB Requests Comment on Potential Modernization of Municipal Fund Securities Disclosure Obligations

Request for Information on the MSRB’s Rate Card Process

MSRB Seeks Volunteers for Advisory Groups Including a New Group on Technology

SEC Approves Amendments to MSRB Rule G‐14 to Shorten Timeframe for Reporting Transactions in Municipal Securities

Proposed Rule Change to Amend the MSRB’s Real-Time Transaction Reporting System and Price Dissemination Information Facility to Retire the Transmission Control Protocol Secure Socket Connection

MSRB Amends Real-Time Transaction Reporting and Price Dissemination Information Facility to Consolidate Subscriber Access to Real-Time Transaction Reporting System Data

SEC Approves Amendments to Rule G-47 to Add Three New Time of Trade Disclosure Scenarios, Codify and Consolidate Existing Guidance, Delete Certain Guidance, and Make Technical Amendments

Request for Comment on Gathering and Display of Bank Dealer Associated Persons’ Registration and Qualification Information

MSRB Amends Rule G-27 to Allow Dealers to Conduct Remote Inspections, Consistent with Recent FINRA Amendments

Proposed Rule Change to Amend MSRB Rule G-27, on Supervision, to Allow Eligible Dealers to Fulfill Their Internal Inspection Obligation of Certain Offices and Locations Remotely for a Pilot Period, Subject to the Conditions Prescribed under FINRA’s Remote Inspections Pilot Program

MSRB to Retire Select Interpretive Guidance Regarding Inter-Dealer Confirmation Disclosures

Proposed Rule Change to Amend MSRB Rule G-27, on Dealer Supervision, to Adopt a New Residential Supervisory Location Classification

MSRB Amends Rule G-27 to Adopt the Residential Supervisory Location Classification Consistent with FINRA Dealer Supervision Provisions

Proposed Rule Change to Amend MSRB Rule G-47, on Time of Trade Disclosure, to Codify and Retire Certain Existing Interpretive Guidance and Add New Time of Trade Disclosure Scenarios

Proposed Rule Change to Clarify the Calculation of the Annual Fee on Municipal Advisors under MSRB Rule A-11

MSRB Makes Technical Amendment to Rule A-11 on Municipal Advisor Fees

Existing Dealer and Municipal Advisor Fees Maintained Upon Withdrawal of 2024 Annual Rate Card

SEC Approves Amendment to MSRB Rule G-12 to Promote the Completion of Allocations, Confirmations, and Affirmations by the End of Trade Date

Current Dealer and Municipal Advisor Fees Upon SEC Suspension of 2024 Annual Rate Card Fees

Proposed Rule Change to Amend MSRB Rule G-14 to Shorten the Timeframe for Reporting Trades in Municipal Securities to the MSRB

Designation Information Regarding Mandatory Participation in Business Continuity and Disaster Recovery Testing

Proposed Rule Change to Amend MSRB Rule G-12 to Promote the Completion of Allocations, Confirmations, and Affirmations by the End of Trade Date [Refiled to make technical changes, original filed on December 14, 2023]

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Regulatory Documents for the Municipal Market

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Regulatory Document Type

MSRB Rule Book

MSRB Regulatory News

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Regulatory Documents for the
Municipal Market