Rule Interpretations


The MSRB Rulemaking Program maintains industry rules and professional qualification standards for municipal securities dealers. As of October 1, 2010, municipal advisors are also regulated by the MSRB.

MSRB Rules

The MSRB establishes rules that securities firms, banks and municipal advisors must follow when engaging in municipal securities transactions and advising investors and state and local governments.

Rule Interpretations

The MSRB issues interpretations to clarify existing rules and comment on specific questions about the application of MSRB rules. Read the MSRB's policy on providing rule interpretations.

Regulatory Notices

MSRB regulatory notices keep market participants informed of rule changes and provide guidance on existing rules.  Notices issued between 1997 and 1999 are accessible via the Archives.

Requests for Comment

The MSRB requests comment from municipal market participants and the general public about rulemaking proposals.

SEC Filings

The Securities and Exchange Commission (SEC) must approve all proposed changes to MSRB rules. Other documents are also filed with the SEC.

MSRB Rulemaking Process

The MSRB rulemaking process provides market stakeholders with a number of opportunities to participate.

MSRB Registration

Brokers, dealers, municipal securities dealers and municipal advisors are required to register with the MSRB. Click here for a list of registered dealers. 
Click here for a list of registered advisors.

Professional Qualification

The MSRB sets requirements for securities firms, banks, and their associated persons to be permitted to engage in municipal securities activities. The MSRB will be developing requirements for municipal advisors.

Dealer Forms

Dealers must file and keep current certain forms pertaining to MSRB rules on political contributions, transaction reporting and other activities.

Information Facilities

MSRB systems that collect and disseminate critical municipal market information are filed with and approved by the SEC as MSRB information facilities.

Archived Guidance Related to Rule Book Review

See a list of interpretive guidance that has been deleted as part of the MSRB's ongoing initiative to review and consolidate its Rule Book.