Municipal Fund Securities

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Securities Regulation

MSRB RULES RELATING TO MUNICIPAL FUND SECURITIES

All MSRB rules apply to transactions in municipal fund securities effected by broker-dealers, except as otherwise provided. Rules from which municipal fund securities transactions are explicitly exempted are listed below. Certain MSRB rules containing provisions specifically relating to municipal fund securities also are listed below.

Rules from which municipal fund securities are exempt:

Rule A-13 -- Underwriting and Transaction Assessment

Rule G-14 -- Reports of Sales and Purchases

Rule G-28 -- Transactions with Employees and Partners of Other Municipal Securities Professionals

Rule G-34 -- CUSIP Numbers and New Issue Requirements

Rules containing provisions specifically relating to municipal fund securities:

Rule D-12 -- "Municipal Fund Security”

Rule G-3 -- Classification of Principals and Representatives; Numerical Requirements; Testing; Continuing Education Requirements

Rule G-8 -- Books and Records

Rule G-15 -- Confirmation, Clearance, Settlement and Other Uniform Practice Requirements with Respect to Transactions with Customers

Rule G-20 -- Gifts, Gratuities and Non-Cash Compensation

Rule G-21 -- Advertising

Rule G-26 -- Customer Account Transfers

Rule G-32 -- Disclosures in Connection with New Issues

Rule G-40 -- Electronic Mail Contacts

Municipal Fund Securities: Introduction, Product Information, Qualification Requirements, Securities Regulation, Information for Investors, Links to Other Resources

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