Click to see Rules that have recent rulemaking activity or compliance resources:
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.
Dealers, Municipal Advisors, Bank Dealers, Municipal Fund Securities
SEC Filing
Proposed Rule Change to Amend MSRB Rule G-3 to Create an Exemption for Municipal Advisor Representatives from Requalification by Examination and Remove Waiver Provisions and to Amend MSRB Rule G-8 to Establish Related Books and Records Requirements [Refiled to make technical changes, original filed on July 17, 2023]
Notice
SEC Approves Amended MSRB Rule G-3 Creating an Exemption for Municipal Advisor Representatives from Requalification by Examination and Related Amendments to MSRB Rule G-8
Information Concerning Associated Persons
Rule Summary: Requires dealers to obtain information from their associated personnel concerning their qualifications to engage in municipal securities business and contemplates that this information will be filed with the appropriate regulatory agency.
Dealers, Bank Dealers
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.
Dealers, Municipal Advisors, Bank Dealers, Municipal Fund Securities
SEC Filing
Proposed Rule Change to Amend MSRB Rule G-3 to Create an Exemption for Municipal Advisor Representatives from Requalification by Examination and Remove Waiver Provisions and to Amend MSRB Rule G-8 to Establish Related Books and Records Requirements [Refiled to make technical changes, original filed on July 17, 2023]
Notice
SEC Approves Amended MSRB Rule G-3 Creating an Exemption for Municipal Advisor Representatives from Requalification by Examination and Related Amendments to MSRB Rule G-8
Notice
SEC Approves Amended MSRB Rule G-40 on Advertising by Municipal Advisors, Related Amendments to MSRB Rule G-8(h) on Books and Records to be Made by Municipal Advisors and Related Updates to the MSRB’s FAQs regarding the Use of Social Media
Uniform Practice
Rule Summary: Summary: Establishes uniform industry practices for the processing, clearance and settlement of transactions between dealers in municipal securities.
Dealers, Bank Dealers
SEC Filing
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]
Notice
SEC Approves Amendments to MSRB Rule G‐14 to Shorten Timeframe for Reporting Transactions in Municipal Securities
Notice
MSRB to Retire Select Interpretive Guidance Regarding Inter-Dealer Confirmation Disclosures
Notice
SEC Approves Amendment to MSRB Rule G-12 to Promote the Completion of Allocations, Confirmations, and Affirmations by the End of Trade Date
Notice
MSRB Adopts Amendments to Rules G-12 and G-15, Shortening Regular-Way Settlement for Municipal Securities Transactions to T+1
Reports of Sales or Purchases
Rule Summary: Prohibits dealers from distributing or publishing reports of purchases or sales of municipal securities unless the report is made with knowledge or reason to believe that the transaction was effected, and without any reason to believe that the reported transaction is fictitious, or in furtherance of any fraudulent, deceptive or manipulative purpose, and establishes transaction reporting requirements and procedures.
Dealers, Bank Dealers
Request for Comment
Request for Comment on Transaction Reporting Obligations under MSRB Rule G-14
SEC Filing
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
SEC Filing
Proposed Rule Change to Amend MSRB Rule G-14 to Shorten the Timeframe for Reporting Trades in Municipal Securities to the MSRB
Notice
SEC Approves Amendments to MSRB Rule G‐14 to Shorten Timeframe for Reporting Transactions in Municipal Securities
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.
Dealers, Bank Dealers
SEC Filing
Proposed Rule Change to Amend MSRB Rule G-27 to Further Extend the Current Regulatory Relief for Remote Office Inspections through June 30, 2024 and Amend MSRB Rule G-16 to Delete Temporary Relief for the Initiation of Periodic Compliance Examinations of Dealers by the Examining Authorities
Notice
MSRB Provides Additional Regulatory Relief by Further Extending the Temporary Timeframe for Remote Office Inspections and Files Amendments to Remove Expired Relief Under Rule G-16
Supervision
Rule Summary: Outlines requirements for a dealer’s supervision of personnel engaged in activities involving municipal securities activities.
Dealers, Bank Dealers, Municipal Fund Securities
SEC Filing
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
SEC Filing
Proposed Rule Change to Amend MSRB Rule G-27, on Dealer Supervision, to Adopt a New Residential Supervisory Location Classification
SEC Filing
Proposed Rule Change to Amend MSRB Rule G-27 to Further Extend the Current Regulatory Relief for Remote Office Inspections through June 30, 2024 and Amend MSRB Rule G-16 to Delete Temporary Relief for the Initiation of Periodic Compliance Examinations of Dealers by the Examining Authorities
Notice
MSRB Amends Rule G-27 to Allow Dealers to Conduct Remote Inspections, Consistent with Recent FINRA Amendments
Notice
MSRB Amends Rule G-27 to Adopt the Residential Supervisory Location Classification Consistent with FINRA Dealer Supervision Provisions
Notice
MSRB Provides Additional Regulatory Relief by Further Extending the Temporary Timeframe for Remote Office Inspections and Files Amendments to Remove Expired Relief Under Rule G-16
Advertising by Municipal Advisors
Rule Summary: Prohibits municipal advisors from publishing false or misleading advertisements concerning the services of the municipal advisor or the engagement of a municipal advisory client or concerning the facilities, services or skills of any municipal advisor, establishes specific content standards for advertisements and requires a municipal advisor principal to approve, in writing, advertisement prior to first use.
Municipal Advisors, Municipal Fund Securities
Guidance
FAQs regarding the Use of Social Media under MSRB Rule G-21, on Advertising by Brokers, Dealers or Municipal Securities Dealers, and MSRB Rule G-40, on Advertising by Municipal Advisors
Notice
SEC Approves Amended MSRB Rule G-40 on Advertising by Municipal Advisors, Related Amendments to MSRB Rule G-8(h) on Books and Records to be Made by Municipal Advisors and Related Updates to the MSRB’s FAQs regarding the Use of Social Media
Compliance Resource
FAQs on Use of Municipal Advisory Client Lists and Case Studies
Compliance Resource
Application of the Content Standards to Advertisements by Municipal Advisors under MSRB Rule G-40
Compliance Resource
Assessing Supervision of Municipal Advisor Advertising Regulations
Time of Trade Disclosure
Rule Summary: Requires dealers to disclose to customers at or prior to the time of trade all material information known or available publicly through established industry sources.
Dealers, Bank Dealers, Municipal Fund Securities
SEC Filing
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
Notice
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
SEC Filing
Proposed Rule Change to Clarify the Calculation of the Annual Fee on Municipal Advisors under MSRB Rule A-11
SEC Filing
Proposed Rule Change to Establish the 2024 Rate Card Fees for Dealers and Municipal Advisors Pursuant to MSRB Rules A-11 and A-13 (WITHDRAWN)
Notice
MSRB Makes Technical Amendment to Rule A-11 on Municipal Advisor Fees
Notice
Existing Dealer and Municipal Advisor Fees Maintained Upon Withdrawal of 2024 Annual Rate Card
Notice
Current Dealer and Municipal Advisor Fees Upon SEC Suspension of 2024 Annual Rate Card Fees
Request for Comment
Request for Comment on Gathering and Display of Bank Dealer Associated Persons’ Registration and Qualification Information
Underwriting and Transaction Assessments for Brokers, Dealers and Municipal Securities Dealers
Dealers, Bank Dealers, Municipal Fund Securities
SEC Filing
Proposed Rule Change to Establish the 2024 Rate Card Fees for Dealers and Municipal Advisors Pursuant to MSRB Rules A-11 and A-13 (WITHDRAWN)
Notice
Existing Dealer and Municipal Advisor Fees Maintained Upon Withdrawal of 2024 Annual Rate Card
Notice
Current Dealer and Municipal Advisor Fees Upon SEC Suspension of 2024 Annual Rate Card Fees
Real-Time Transaction Reporting and Price Dissemination (The "Real-Time Transaction Reporting System" or "RTRS")
SEC Filing
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
Notice
SEC Approves Amendments to MSRB Rule G‐14 to Shorten Timeframe for Reporting Transactions in Municipal Securities
Notice
MSRB Amends Real-Time Transaction Reporting and Price Dissemination Information Facility to Consolidate Subscriber Access to Real-Time Transaction Reporting System Data
Request for Comment
Request for Comment on Gathering and Display of Bank Dealer Associated Persons’ Registration and Qualification Information