MSRB Rule G-21: Advertising by Dealers

Read the learning objectives and topics covered in this MuniEdPro® course. Log into MuniEdPro®.

Target Audience:

  • Brokers, Dealers, and Municipal Securities Dealers
Learning Objectives:

At the end of this course, learners will be able to:
  • Associate the MSRB rules applicable to MSRB Rule G-21 on Advertising by broker-dealers
  • Define key terms related “advertisement” and “form letter” pertaining to materials distributed to or generally made available to customers or the public by broker-dealers
  • Apply the content standards to advertisements by broker-dealers.
  • Determine the obligations imposed by Rule G-21 with respect to disclosure in municipal fund security product advertisements by brokers, dealers, and municipal securities dealers.
Course Topics:

1. Review Relevant MSRB Rules
a. MSRB Rule A-12: Registration
b. MSRB Rule G-8: Books and Records to be Made by Broker-Dealers
c. MSRB Rule G-9: Preservation of Records
d. MSRB Rule G-11: Associated Persons
e. MSRB Rule G-17: Conduct of Municipal Advisory Activities
f. MSRB Rule G-21: Advertising by Broker-Dealers
g. MSRB Rule G-27: Supervision

2. Content Standards
a. General Standards for Advertising
i. Definitions
ii. Standards
b. Professional Advertising Standards
i. Definitions
ii. Standards
c. Product Advertisements
i. Definitions
ii. Standards

3. New Issue Advertising
a. Tombstone Advertisements
b. New Issue Roadshow
c. Other Advertising

4. Emails
a. Content Standards
b. Designated Personnel

5. Giveaways
a. Content Standards
b. Designated Personnel

6. Business Cards
a. Content Standards

7. New Product Issue in the Market
a. Content Standards
b. Designated Personnel

8. Municipal Funds Security Advertising
a. Definitions
b. Content Standards
c. Designated Personnel
d. Documentation

9. Assessment