Municipal Fund Securities

529 College Savings Plans
Local Government Investment Pools

Securities Regulation

MSRB INTERPRETATIONS & NOTICES RELATING TO MUNICIPAL FUND SECURITIES
(organized by rule)

The MSRB frequently publishes interpretive notices and interpretive letters providing guidance on the application of MSRB rules, often in the context of particular facts and circumstances. Except to the extent that the context otherwise requires, much of this guidance is applicable to broker-dealer transactions in municipal fund securities, even where the guidance does not explicitly mention such securities. In addition, the MSRB has published guidance specifically relating to municipal fund securities. Such guidance is indexed below.

Rule D-12 – “Municipal Fund Security”

·  SEC Approval of Rule Changes; Interpretation Relating to Sales of Municipal Fund Securities in the Primary Market (January 19, 2001)

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

·  MSRB Notice 2003-6 (February 28, 2003)
REMINDER: To supervise municipal fund securities activities, a municipal fund securities limited principal (Series 51) or municipal securities principal (Series 53) qualification is required by April 1, 2003.

·  Municipal Fund Securities Limited Principal Examination (Series 51) available on January 2, 2003..

·  Municipal Fund Securities Limited Principal Qualification Examination (Series 51): Filing of Test Specifications, Study Outline and Extension of Transition Period (September 30, 2002).

·  SEC Approval of Municipal Fund Securities Limited Principal Professional Qualification Category (May 13, 2002)

·  Proposed Rule Change on Qualification of Municipal Fund Securities Limited Principals (March 21, 2002)

·  SEC Approval of Rule Changes; Interpretation Relating to Sales of Municipal Fund Securities in the Primary Market (January 19, 2001)

Rule G-8 – Books and Records

· MSRB Notice 2006-23 (August 7, 2006)
Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans Becomes Effective Today

· MSRB Notice 2006-16 (June 15, 2006)
SEC Approves Interpretive Notice on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans

· MSRB Notice 2006-07 (March 31, 2006)
MSRB Files Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans with the SEC

· MSRB Notice 2005-52 (October 5, 2005)
SEC Approves Amendments to Rule G-20, on Gifts and Gratuities, and Rule G-8, on Books and Records

· MSRB Notice 2005-28 (May 19, 2005)
Request for Comments on Draft Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans – comments due by July 29, 2005

· MSRB Notice 2005-05 (January 13, 2005)
Amendments Filed to Rules G-20, on Gifts and Gratuities, and G-8, on Recordkeeping

· MSRB Notice 2004-25 (August 2, 2004)
The MSRB has withdrawn its filing on marketing of 529 college savings plans in the workplace

· MSRB Notice 2004-17 (June 15, 2004)
Request for Comments on Draft Amendments to Rules G-20 and G-8 Relating to Gifts, Gratuities and Non-Cash Compensation in Municipal Debt Offerings and Sales of Municipal Fund Securities. Comments Due July 30, 2004.

· MSRB Notice 2003-15 (April 29, 2003)
Interpretive Notice on Marketing of 529 College Savings Plans in the Workplace Filed with SEC [WITHDRAWN -- See Notice of Withdrawal]

·  Draft Interpretive Notice on Marketing of 529 College Savings Plan Employee Payroll Deduction Programs (November 18, 2002)

·  Application of Fair Practice and Advertising Rules to Municipal Fund Securities (May 14, 2002)

·  Draft Amendment Creating Municipal Fund Securities Limited Principal Category; Interpretive Notice on Commissions and Other Charges, Advertisements and Official Statements (December 19, 2001)

·  SEC Approval of Rule Changes; Interpretation Relating to Sales of Municipal Fund Securities in the Primary Market (January 19, 2001)

Rule G-9 – Preservation of Records

·  Application of Fair Practice and Advertising Rules to Municipal Fund Securities (May 14, 2002)

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

·  Draft Amendment Creating Municipal Fund Securities Limited Principal Category; Interpretive Notice on Commissions and Other Charges, Advertisements and Official Statements (December 19, 2001)

·  SEC Approval of Rule Changes; Interpretation Relating to Sales of Municipal Fund Securities in the Primary Market (January 19, 2001)

Rule G-17 – Conduct of Municipal Securities Activities

· MSRB Notice 2007-18 (June 5, 2007)
MSRB Advertising Amendments and Interpretation Relating to Municipal Fund Securities Approved By SEC

· MSRB Notice 2007-15 (May 14, 2007)
529 College Savings Plans – Pending Advertisement Rule Filing and Improved Access to Plan Disclosure Materials

· MSRB Notice 2006-32 (November 21, 2006)
MSRB Files Amendments and Interpretive Guidance Relating to Advertisements of Municipal Fund Securities

· MSRB Notice 2006-26 (August 11, 2006)
Request for Comments on Draft Amendments Relating to Rule G-21, on Advertising

· MSRB Notice 2006-23 (August 7, 2006)
Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans Becomes Effective Today

· MSRB Notice 2006-16 (June 15, 2006)
SEC Approves Interpretive Notice on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans

· MSRB Notice 2006-13 (May 15, 2006)
MSRB Publishes Interpretive Letter Relating to 529 College Savings Plan Advertisements

· MSRB Notice 2006-07 (March 31, 2006)
MSRB Files Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans with the SEC

· MSRB Notice 2005-28 (May 19, 2005)
Request for Comments on Draft Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans – comments due by July 29, 2005

· MSRB Notice 2004-25 (August 2, 2004)
The MSRB has withdrawn its filing on marketing of 529 college savings plans in the workplace

· MSRB Notice 2004-16 (June 10, 2004)
Request for Comments on Draft Amendments Relating to Advertisements of Municipal Fund Securities and Draft Interpretive Guidance on Disclosures in Connection with Out-of-State Sales of College Savings Plan Shares. Comments Due September 15, 2004.

· MSRB Notice 2003-15 (April 29, 2003)
Interpretive Notice on Marketing of 529 College Savings Plans in the Workplace Filed with SEC [WITHDRAWN -- See Notice of Withdrawal]

·  Draft Interpretive Notice on Marketing of 529 College Savings Plan Employee Payroll Deduction Programs (November 18, 2002)

·  Application of Fair Practice and Advertising Rules to Municipal Fund Securities (May 14, 2002)

·  Draft Amendment Creating Municipal Fund Securities Limited Principal Category; Interpretive Notice on Commissions and Other Charges, Advertisements and Official Statements (December 19, 2001)

Rule G-19 – Suitability of Recommendations and Transactions; Discretionary Accounts

· MSRB Notice 2007-18 (June 5, 2007)
MSRB Advertising Amendments and Interpretation Relating to Municipal Fund Securities Approved By SEC

· MSRB Notice 2006-32 (November 21, 2006)
MSRB Files Amendments and Interpretive Guidance Relating to Advertisements of Municipal Fund Securities

· MSRB Notice 2006-23 (August 7, 2006)
Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans Becomes Effective Today

· MSRB Notice 2006-16 (June 15, 2006)
SEC Approves Interpretive Notice on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans

· MSRB Notice 2006-07 (March 31, 2006)
MSRB Files Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans with the SEC

· MSRB Notice 2005-28 (May 19, 2005)
Request for Comments on Draft Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans – comments due by July 29, 2005

· MSRB Notice 2004-25 (August 2, 2004)
The MSRB has withdrawn its filing on marketing of 529 college savings plans in the workplace

· MSRB Notice 2003-15 (April 29, 2003)
Interpretive Notice on Marketing of 529 College Savings Plans in the Workplace Filed with SEC [WITHDRAWN -- See Notice of Withdrawal]

·  Draft Interpretive Notice on Marketing of 529 College Savings Plan Employee Payroll Deduction Programs (November 18, 2002)

·  Application of Fair Practice and Advertising Rules to Municipal Fund Securities (May 14, 2002)

·  Draft Amendment Creating Municipal Fund Securities Limited Principal Category; Interpretive Notice on Commissions and Other Charges, Advertisements and Official Statements (December 19, 2001)

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

· MSRB Notice 2006-23 (August 7, 2006)
Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans Becomes Effective Today

· MSRB Notice 2006-16 (June 15, 2006)
SEC Approves Interpretive Notice on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans

· MSRB Notice 2006-07 (March 31, 2006)
MSRB Files Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans with the SEC

· MSRB Notice 2005-52 (October 5, 2005)
SEC Approves Amendments to Rule G-20, on Gifts and Gratuities, and Rule G-8, on Books and Records

· MSRB Notice 2005-28 (May 19, 2005)
Request for Comments on Draft Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans – comments due by July 29, 2005

· MSRB Notice 2005-05 (January 13, 2005)
Amendments Filed to Rules G-20, on Gifts and Gratuities, and G-8, on Recordkeeping

· MSRB Notice 2004-17 (June 15, 2004)
Request for Comments on Draft Amendments to Rules G-20 and G-8 Relating to Gifts, Gratuities and Non-Cash Compensation in Municipal Debt Offerings and Sales of Municipal Fund Securities. Comments Due July 30, 2004.

·  Application of Fair Practice and Advertising Rules to Municipal Fund Securities (May 14, 2002)

Rule G-21 – Advertising

· MSRB Notice 2007-23 (July 16, 2007)
REMINDER:  Disclosure Requirements Relating to Maximum Sales Load and Total Operating Expense Ratio in Performance Advertisements of Municipal Fund Securities Have Become Effective

 · MSRB Notice 2007-18 (June 5, 2007)
MSRB Advertising Amendments and Interpretation Relating to Municipal Fund Securities Approved By SEC

· MSRB Notice 2007-15 (May 14, 2007)
529 College Savings Plans – Pending Advertisement Rule Filing and Improved Access to Plan Disclosure Materials

· MSRB Notice 2007-08 (February 12, 2007)
MSRB Files Amendment to Rule Filing Relating to Advertisements of Municipal Fund Securities

· MSRB Notice 2006-32 (November 21, 2006)
MSRB Files Amendments and Interpretive Guidance Relating to Advertisements of Municipal Fund Securities

· MSRB Notice 2006-26 (August 11, 2006)
Request for Comments on Draft Amendments Relating to Rule G-21, on Advertising

· MSRB Notice 2006-13 (May 15, 2006)
MSRB Publishes Interpretive Letter Relating to 529 College Savings Plan Advertisements

· MSRB Notice 2005-58 (November 30, 2005)
REMINDER:  New Requirements Relating to Performance Data in Advertisements of 529 College Savings Plans and Other Municipal Fund Securities Become Effective on December 1, 2005

· MSRB Notice 2005-48 (September 1, 2005)
New Advertising Requirements for Municipal Fund Securities Have Become Effective

· MSRB Notice 2005-45 (August 23, 2005)
SEC Approves Amendments to Rule G-21 Relating to Month-End Performance Data for Municipal Fund Securities

· MSRB Notice 2005-32 (June 2, 2005)
Notice of Filing of Further Amendments to Rule G-21 Relating to Month-End Performance Data for Municipal Fund Securities

· MSRB Notice 2005-31 (May 27, 2005)
SEC Approves Amendments to Rule G-21 Relating to Advertisements of Municipal Fund Securities

· MSRB Notice 2004-43 (December 16, 2004)
Request for Comments on Draft Amendment Relating to Performance Data in Advertisements of Municipal Fund Securities -- Comments Due By January 19, 2005

· MSRB Notice 2004-42 (December 16, 2004)
 Notice of Filing of Amendments Relating to Advertisements of Municipal Fund Securities

· MSRB Notice 2004-16 (June 10, 2004)
Request for Comments on Draft Amendments Relating to Advertisements of Municipal Fund Securities and Draft Interpretive Guidance on Disclosures in Connection with Out-of-State Sales of College Savings Plan Shares. Comments Due September 15, 2004.

·  Application of Fair Practice and Advertising Rules to Municipal Fund Securities (May 14, 2002)

·  Draft Amendment Creating Municipal Fund Securities Limited Principal Category; Interpretive Notice on Commissions and Other Charges, Advertisements and Official Statements (December 19, 2001)

Rule G-23 – Activities of Financial Advisors

·  SEC Approval of Rule Changes; Interpretation Relating to Sales of Municipal Fund Securities in the Primary Market (January 19, 2001)

Rule G-26 – Customer Account Transfers

·  SEC Approval of Rule Changes; Interpretation Relating to Sales of Municipal Fund Securities in the Primary Market (January 19, 2001)

Rule G-27 - Supervision

· MSRB Notice 2007-23 (July 16, 2007)
REMINDER:  Disclosure Requirements Relating to Maximum Sales Load and Total Operating Expense Ratio in Performance Advertisements of Municipal Fund Securities Have Become Effective

· MSRB Notice 2007-18 (June 5, 2007)
MSRB Advertising Amendments and Interpretation Relating to Municipal Fund Securities Approved By SEC

· MSRB Notice 2006-32 (November 21, 2006)
MSRB Files Amendments and Interpretive Guidance Relating to Advertisements of Municipal Fund Securities

· MSRB Notice 2006-26 (August 11, 2006)
Request for Comments on Draft Amendments Relating to Rule G-21, on Advertising

· MSRB Notice 2006-23 (August 7, 2006)
Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans Becomes Effective Today

· MSRB Notice 2006-16 (June 15, 2006)
SEC Approves Interpretive Notice on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans

· MSRB Notice 2006-07 (March 31, 2006)
MSRB Files Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans with the SEC

· MSRB Notice 2005-28 (May 19, 2005)
Request for Comments on Draft Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans – comments due by July 29, 2005

· MSRB Notice 2004-25 (August 2, 2004)
The MSRB has withdrawn its filing on marketing of 529 college savings plans in the workplace

· MSRB Notice 2003-15 (April 29, 2003)
Interpretive Notice on Marketing of 529 College Savings Plans in the Workplace Filed with SEC [WITHDRAWN -- See Notice of Withdrawal]

·  Draft Interpretive Notice on Marketing of 529 College Savings Plan Employee Payroll Deduction Programs (November 18, 2002)

Rule G-30 – Prices and Commissions

· MSRB Notice 2006-23 (August 7, 2006)
Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans Becomes Effective Today

· MSRB Notice 2006-16 (June 15, 2006)
SEC Approves Interpretive Notice on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans

· MSRB Notice 2006-07 (March 31, 2006)
MSRB Files Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans with the SEC

· MSRB Notice 2005-28 (May 19, 2005)
Request for Comments on Draft Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans – comments due by July 29, 2005

·  Application of Fair Practice and Advertising Rules to Municipal Fund Securities (May 14, 2002)

·  Draft Amendment Creating Municipal Fund Securities Limited Principal Category; Interpretive Notice on Commissions and Other Charges, Advertisements and Official Statements (December 19, 2001)

Rule G-32 – Disclosures in Connection with New Issues

· MSRB Notice 2007-15 (May 14, 2007)
529 College Savings Plans – Pending Advertisement Rule Filing and Improved Access to Plan Disclosure Materials

· MSRB Notice 2006-23 (August 7, 2006)
Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans Becomes Effective Today

· MSRB Notice 2006-16 (June 15, 2006)
SEC Approves Interpretive Notice on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans

· MSRB Notice 2006-07 (March 31, 2006)
MSRB Files Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans with the SEC

· MSRB Notice 2005-28 (May 19, 2005)
Request for Comments on Draft Interpretation on Customer Protection Obligations Relating to the Marketing of 529 College Savings Plans – comments due by July 29, 2005

· MSRB Notice 2005-06 (January 21, 2005)
 Request for Comments on Revised Draft Amendments Relating to Official Statement Delivery Requirements Under Rule G-32, Rule G-36 and Rule G-11

· MSRB Notice 2004-25 (August 2, 2004)
The MSRB has withdrawn its filing on marketing of 529 college savings plans in the workplace

· MSRB Notice 2003-15 (April 29, 2003)
Interpretive Notice on Marketing of 529 College Savings Plans in the Workplace Filed with SEC [WITHDRAWN -- See Notice of Withdrawal]

·  Draft Interpretive Notice on Marketing of 529 College Savings Plan Employee Payroll Deduction Programs (November 18, 2002)

·  Application of Fair Practice and Advertising Rules to Municipal Fund Securities (May 14, 2002)

·  Draft Amendment Creating Municipal Fund Securities Limited Principal Category; Interpretive Notice on Commissions and Other Charges, Advertisements and Official Statements (December 19, 2001)

·  SEC Approval of Rule Changes; Interpretation Relating to Sales of Municipal Fund Securities in the Primary Market (January 19, 2001)

Rule G-36 – Delivery of Official Statements, Advance Refunding Documents and Forms G-36(OS) and G-36(ARD) to Board

·  Draft Amendment Creating Municipal Fund Securities Limited Principal Category; Interpretive Notice on Commissions and Other Charges, Advertisements and Official Statements (December 19, 2001)

·  SEC Approval of Rule Changes; Interpretation Relating to Sales of Municipal Fund Securities in the Primary Market (January 19, 2001)

Rule G-37 – Political Contributions and Prohibitions on Municipal Securities Business

·  Draft Amendments to Rule G-37 on Political Contributions; Interpretation on the Effect of a Ban on Municipal Securities Business Under Rule G-37 Arising Under a Pre-Existing Engagement Relating to Municipal Fund Securities (April 2, 2002)

·  Draft Amendment Creating Municipal Fund Securities Limited Principal Category; Interpretive Notice on Commissions and Other Charges, Advertisements and Official Statements (December 19, 2001)

·  SEC Approval of Rule Changes; Interpretation Relating to Sales of Municipal Fund Securities in the Primary Market (January 19, 2001)

Rule G-40 - Electronic Mail Contacts

·  MSRB Notice 2005-40 (August 8, 2005)
SEC Approves Amendments to Rule G-40, on Electronic Mail Contacts, and Form G-40

·  MSRB Notice 2005-30 (May 26, 2005)
Notice of Filing of Proposed Amendments to Rule G-40, on Electronic Mail Contacts, and
Form G-40

·  MSRB Notice 2003-31 (August 4, 2003)
Revised Form G-40 is Available

·  MSRB Notice 2003-26 ( July 1, 2003)
Notice of Technical Amendments to Form G-40, on E-Mail Contacts

·  MSRB Notice 2003-1 (January 9, 2003)
Reminder Notice about Municipal Fund Securities Limited Principals (Series 51) and E-Mail Contacts under Rule G-40

·  Notice of Amendment to Rule G-40 and Form G-40, on E-Mail Contacts (August 7, 2002)

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