MSRB's Revised Telemarketing Rule Approved

Date: May 29, 2013

Contact: Jennifer A. Galloway, Chief Communications Officer
             (703) 797-6600


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) announced today that the Securities and Exchange Commission has approved the MSRB’s revised telemarketing rule to more closely align certain provisions with similar rules of the Federal Trade Commission (FTC). MSRB Rule G-39 prohibits dealers from engaging in deceptive and other abusive telemarketing practices.

The revisions to Rule G-39 on telemarketing are effective August 22, 2013. The MSRB is adopting provisions that, among other restrictions, prohibit dealers that engage in telemarketing from blocking their caller identification information, under certain circumstances. The revised rule also requires dealers to retain a permanent record of a person’s request not to receive further telemarketing calls. 

The MSRB protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its Electronic Municipal Market Access (EMMA®) website, the official repository for information on all municipal bonds. The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a self-regulatory organization governed by a 21-member board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is overseen by the Securities and Exchange Commission and Congress.