MSRB NOTICE 2008-30 (JULY 3, 2008)


On June 11, 2008, the MSRB released Notice 2008-26 seeking public comment on publication of the MSRB Rule Book. 

The MSRB currently publishes paperback copies of the MSRB Rule Book semiannually, in January and July, which incorporate rule changes made during the previous six months.  The MSRB also publishes its rules and rule interpretations online at  The MSRB website is updated throughout the year whenever new rules or other content is created and is always current.

MSRB has traditionally mailed one paperback copy of the Rule Book to each broker-dealer registered with the MSRB on a semiannual basis at no charge.  Because the rules and interpretations are available online, the MSRB requested comment on whether it was appropriate to print the Rule Book once a year or eliminate the printed version entirely.

Based on the responses received to MSRB Notice 2008-26, the MSRB has decided to print the Rule Book annually.  The next printing of the Rule Book will occur in early 2009.  The MSRB will continue to accommodate the needs of dealers by sending them one free copy each year. The Board’s website will be current at all times, containing up-to-date MSRB rules and interpretations.

The MSRB will continue to send e-mail notifications of updates and changes to its rules to dealers and other subscribers as they are posted on the MSRB website.  Non-subscribers who would like to receive these updates should complete and submit the Email Subscription form found on the home page of the MSRB website.

As part of the 2009 agenda, the MSRB plans to review and reconstruct its website.  Dealers and others have offered suggestions on how to improve the MSRB website, including improved navigability and functionality.  Commentators also suggested various ways to display the rules, including providing electronic PDF copies of the Rule Book for downloading and searching; providing copies of all editions of the Rule Book online; and creating user-friendly indices and reference guides.  All of the suggestions received will be considered during the website redesign.

Finally, several dealers voiced concerns regarding the requirements of MSRB Rule G- 29, on availability of Board rules.  These dealers were not aware of the interpretation of Rule G-29 published on May 20, 1998 which states:“Dealers can also meet the requirements of the rule by having Internet access in their offices to the Board’s rules at its Web site ( or by using software products produced by other companies which contain the Board’s rules.”  As such, a physical copy of the Rule Book is not necessary to meet the requirements of Rule G-29.

Questions about this notice may be directed to Jennifer A. Galloway, Chief Communications Officer at (703) 797-6675.

July 3, 2008