Rule Interpretations

The MSRB issues interpretations of its rules that securities firms and banks must follow when advising investors and engaging in municipal securities transactions. Read the MSRB's policy on providing rule interpretations.

Title Publication Date Rule Number Notice Type
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 8/23/2019 Rule G-21 Interpretive Notice
3/19/2018 Interpretive Notice
Confirmation Disclosure and Prevailing Market Price Guidance: Frequently Asked Questions 3/19/2018 Rule G-15 Interpretive Notice
Notice Regarding Electronic Delivery and Receipt of Information by Municipal Advisors 10/13/2017 Rule G-32 Interpretive Notice
Duties of Non-Solicitor Municipal Advisors in Conduit Financing Scenarios 7/13/2017 Rule G-42 Interpretive Notice
Excerpt from Notice of Application of MSRB Rules to Solicitor Municipal Advisors 5/04/2017 Rule G-17 Interpretive Notice
Application of MSRB Rules to Transactions in Managed Accounts 12/01/2016 Rule G-48 Interpretive Notice
Time of Trade Disclosure—Disclosure of Market Discount 11/22/2016 Rule G-47 Interpretive Notice
Sales of Interests in ABLE Programs in the Primary Market 4/12/2016 Rule D-12 Interpretive Notice
Calculations for Securities with Periodic Interest Payments 2/23/2016 Rule G-33 Interpretive Notice
Questions and Answers Concerning Political Contributions and Prohibitions on Municipal Securities Business: Rule G-37 (originally published on May 24, 1994) 12/16/2015 Rule G-37 Interpretive Notice
Implementation Guidance on MSRB Rule G-18, on Best Execution 11/20/2015 Rule G-18 Interpretive Notice
Notice to Dealers That Use the Services of Broker’s Brokers 12/22/2012 Rule G-43 Interpretive Notice
Interpretive Notice Concerning the Application of MSRB Rule G-17 to Underwriters of Municipal Securities 8/02/2012 Rule G-17 Interpretive Notice
Guidance on the Prohibition on Underwriting Issues of Municipal Securities for Which a Financial Advisory Relationship Exists Under Rule G-23 11/27/2011 Rule G-23 Interpretive Notice