Compliance Corner: Spring 2026

MSRB advanced several retrospective reviews of existing rules, which will constitute the core of MSRB’s market regulation activities over the coming years.

Municipal Advisor Retrospective Rule Review

On April 23, 2026, MSRB issued a Request for Comment (RFC) on draft amendments to MSRB rules to retire the “financial advisor” terminology. The draft amendments would adopt the uniform term “municipal advisor” to eliminate references to the term “financial advisor” or “financial advisory and consultant services” with respect to brokers, dealers and municipal securities dealers serving in a financial advisory capacity. The harmonization of terms across multiple rules ensures MSRB remains consistent with the terminology established under the Dodd-Frank Act and used in MSRB rules adopted since Dodd-Frank’s passage.

Read the press release.

Dealer Retrospective Rule Review

At its third quarterly meeting of Fiscal Year 2026, MSRB’s Board approved proposed amendments to MSRB Rule G-27 to extend from 30 to 60 business days the exclusion from branch office registration for certain locations and to clarify what is meant by the term structuring of public offerings or private placements. The Board approved these amendments in response to comments received to its RFC issued on January 14, 2026, as the first step in MSRB’s effort to adapt its dealer supervision rule to reflect the evolution of business practices since the rule was last substantially reviewed and revised. The Board also discussed industry feedback on potential future steps to further modernize supervisory requirements.

Read the April Board meeting press release.
Read the January 14 press release.

MSRB also continued its efforts around regulatory harmonization. On May 1, 2026, MSRB filed with the U.S. Securities and Exchange Commission (SEC) for immediate effectiveness a proposed rule change to MSRB Rule G-20. The rule change seeks to harmonize MSRB’s gift rule requirements with the Financial Industry Regulatory Authority’s (FINRA) amendments to its own gift rule (FINRA Rule 3220). MSRB’s rule change increases the gift and non-cash compensation dollar limit from $100 to $300 per person per year, updating the rule originally adopted in the late 1970s. In addition, the rule change addresses how gifts incidental to normal business dealings should be treated, revises valuation and aggregation requirements, clarifies other exceptions to the gift limit and creates additional supervision and recordkeeping requirements.

The operative date for the rule change was June 1, 2026, for dealers that are FINRA members. A separate compliance date of December 1, 2026, applies to bank dealers and all municipal advisors. However, a bank dealer or municipal advisor may choose to come into compliance with amended MSRB Rule G-20 in its entirety at any time beginning June 1, 2026. If a bank dealer or municipal advisor chooses to come into compliance at an earlier date than December 1, 2026, its compliance policies and procedures should be updated as of the date the firm actually determines that it will come into compliance with all provisions of amended MSRB Rule G-20. Regulated entities are reminded that they are required to maintain a copy of all compliance policies and procedures in effect at any time within the required recordkeeping period, under MSRB Rule G-9, and that it should be clear when such policies and procedures were in effect.

Read the notice.

• On April 28, 2026, MSRB filed a proposed rule change with the SEC relating to MSRB Rule G-12(c) on confirmation requirements for inter-dealer municipal securities transactions that are ineligible for automated comparison at a registered clearing agency. The SEC public comment period closed on May 28, 2026. Learn more.
• On January 9, 2026, MSRB announced members of its 2026 advisory groups, which include its Compliance Advisory Group. Learn more.

MSRB recently released its strategic plan for fiscal years 2026 through 2030. The plan builds on MSRB’s mission, vision and values with three strategic goals of regulatory modernization, market transparency and public accountability, while articulating a long-term strategy, which will guide its priorities over the next five years. The importance of continued stakeholder engagement is underscored throughout the plan.

“MSRB’s strategic plan was shaped by the many conversations we’ve had with stakeholders from across the municipal securities market,” MSRB CEO Mark Kim said in a news release. “I cannot emphasize enough that the most important part of this strategic plan will be the ongoing engagement that will occur as we pursue these goals in the years ahead."

To learn more, explore MSRB’s FY 2026-2030 strategic plan.

MSRB published the following compliance resources to help municipal advisors understand their professional qualifications and registration requirements:

• Understanding the Criteria-Based Exemption Under MSRB Rule G-3 for Municipal Advisor Representatives
• Steps for Registering as a Municipal Advisor
• FAQs on the Series 50 Examination
• FAQs on the Series 54 Examination

MSRB's compliance calendar provides compliance dates and events for the year ahead. Important dates for the next six months are displayed here: