PRESS RELEASE

Release Date:    November 8, 2007

Contact:             Lynnette Kelly Hotchkiss, Executive Director
                          (703) 797-6600
                          lhotchkiss@msrb.org

MSRB Publishes Guidance on Implementation of New Supervisory Requirements Under Rule G-27 and Files Related Technical Amendments

Alexandria, VA – Today, the Municipal Securities Rulemaking Board (“MSRB”) published guidance on the implementation of new supervisory requirements under Rule G-27, on supervision, and filed with the Securities and Exchange Commission certain related technical amendments to the rule. The new supervisory requirements were previously adopted by the MSRB to strengthen the supervisory procedures and controls of brokers, dealers and municipal securities dealers (“dealers”) effecting transactions in municipal securities, as well as to ensure a coordinated regulatory approach with, and to facilitate inspection and enforcement in this area by, the Financial Industry Regulatory Authority. Today’s guidance and amendments clarify that the requirements of Rule G-27 apply solely in connection with the municipal securities activities of dealers and their associated persons and provide further clarification regarding the type of principal that may supervise a dealer’s activities based on the activities undertaken in the dealer’s offices – including offices of municipal supervisory jurisdiction and municipal branch offices.

The new supervisory requirements and the technical amendments become effective February 29, 2008.

A copy of the guidance, including the text of the technical amendments, is attached and will soon be available at the MSRB’s web site at www.msrb.org.