The MSRB’s Common Compliance Questions & News Library is a repository of interpretive guidance FAQs and compliance resource FAQs. The library also provides links to other related materials for dealers and municipal advisors such as the MSRB’s Compliance Corner newsletter.
The interpretive guidance FAQs are meant to clarify the application of the principles of an MSRB rule and, in some cases, provide more prescriptive information about the regulatory obligations/standards and prohibited conduct under a rule. Interpretive guidance may or may not have been filed by the MSRB with the Securities and Exchange Commission.
The compliance resource FAQs are meant to highlight rule provisions or considerations to enhance regulated entities’ understanding of MSRB rules. Compliance resources do not create new legal or regulatory requirements and should not be interpreted as establishing new standards of conduct.
All the resources included below should be read in conjunction with the applicable MSRB rule(s) as they do not provide an exhaustive list of the regulatory requirements and considerations for ensuring compliance with the applicable rule(s).
The MSRB will periodically review and update content on this page webpage. Visit the Regulation and Compliance page for more information.
For compliance questions, please contact the MSRB Support at 202-838-1330 or MSRBSupport@msrb.org.
On this page:
- Professional Qualification
- Fair Practice
- Uniform Practice
- Market Transparency
- Regulated Entity Administration
- Compliance Corner Newsletter
- Compliance Tip of the Week Archive
Commonly Answered Questions
The collection of questions below provides guidance and resources on a variety of regulatory topics.
Professional Qualification - The interpretive guidance and compliance resources in this section are specific to rules establishing qualifications for conducting business.
Compliance Resources:
- Frequently Asked Questions Related to COVID-19 Pandemic Regulatory Relief
- FAQs on the Municipal Advisor Principal Qualification Examination (Series 54 Exam)
- FAQs on Continuing Education Program Requirements for Municipal Advisors
- FAQs on Municipal Advisor Professional Qualification and Examination Requirements
- Compliance Corner FAQ: MSRB Rule G-3 (Municipal Advisor Representation Qualification) (Fall 2018)
Fair Practice - The interpretive guidance and compliance resources in this section are specific to the fair practice rules that are in furtherance of the protection of investors, municipal entities, obligated persons and the general public.
Interpretive Guidance:
- Considerations for Assessing Written Supervisory Procedures for Municipal Advisory Services (including the Process for New Issue Pricing)
- Underwriter Considerations for Assessing Written Supervisory Procedures Regarding New Issue Pricing
- Frequently Asked Questions Related to COVID-19 Pandemic Regulatory Relief
- FAQs on MSRB Rules on Investor and Municipal Advisory Client Education and Protection
- FAQs on Use of Municipal Advisory Client Lists and Case Studies
- FAQs on Use of Social Media Under MSRB Advertising Rules
- 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
- Understanding MSRB Rules Regarding Gifts, Gratuities and Non-Cash Compensation
- MSRB Answers Frequently Asked Questions (FAQs) Regarding an Underwriter’s Disclosure Obligations to State and Local Government Issuers under Rule G-17
- Questions and Answers Concerning Political Contributions and Prohibitions on Municipal Securities Business: Rule G-37 (originally published on May 24, 1994)
Compliance Resources:
- Frequently Asked Questions Related to COVID-19 Pandemic Regulatory Relief
- Assessing Supervision of Municipal Advisor Advertising Regulations
- FAQs Regarding MSRB Rule G-42 and Making Recommendations
- FAQs on MSRB’s Continuing Disclosure Submission Process
- FAQs About MSRB’s Primary Market Submission Process
- MSRB Answers Frequently Asked Questions Regarding MSRB Rule G-42 and Making Recommendations
- Compliance Corner FAQ: MSRB Rules G-21 and G-40 (Advertising Content Standards) (Winter 2022)
- Compliance Corner FAQ: MSRB Rule G-42 (Municipal Advisor Subcontractor Engagement) (Fall 2021)
- Compliance Corner FAQ: MSRB Rule G-42 (Special District Financing) (Winter 2021)
- Compliance Corner FAQ: MSRB Rule G-37 (G-37 Exemptions/Form G-37 Quarterly Filings) (Fall 2020)
- Compliance Corner FAQ: MSRB Rule G-42 (Specified Prohibitions and Fee-Splitting Arrangements) (Fall 2020)
- Compliance Corner FAQ: MSRB Rule G-37 (G-37 Exemptions/Form G-37 Disclosures) (Fall 2020)
- Compliance Corner FAQ: MSRB Rule G-37 (Municipal Securities Business/Form G-37 Quarterly Filings) (Summer 2020)
- Compliance Corner FAQ: MSRB Rule G-30 (Confirmation Disclosure and Prevailing Market Price) (Summer 2020)
- Compliance Corner FAQ: MSRB Rule G-42 (Municipal Advisor Subcontractor Engagement) (Winter 2020)
- Compliance Corner FAQ: MSRB Rule G-44 (Outsourcing of Chief Compliance Officer Role) (Fall 2019)
- Compliance Corner FAQ: MSRB Rule G-18 (Limited Pricing Information/Best Execution Obligation) (Summer 2019)
- Compliance Corner FAQ: MSRB Rule G-48 (Modified Obligations/Transactions with Sophisticated Municipal Market Professionals) (Spring 2019)
- Compliance Corner FAQ: MSRB Rule G-37 (G-37 Exemptions) (Summer 2018)
- Compliance Corner FAQ: MSRB Rule G-42 (Advice versus Recommendations) (Spring 2018)
Uniform Practice -The interpretive guidance and compliance resources in this section are specific to the uniform practice rules governing the consistent behavior of regulated entities in the marketplace.
Interpretive Guidance:
Compliance Resources:
- Frequently Asked Questions Related to COVID-19 Pandemic Regulatory Relief
- FAQs Regarding MSRB Rule G-12 on Close-Outs
- Compliance Corner FAQ: MSRB Rule G-12(h) (Open Inter-Dealer Fail Transactions) (Spring 2020)
Market Transparency - The interpretive guidance and compliance resources in this section are specific to rules that provide for full and timely flow of information to the marketplace.
Interpretive Guidance:
Compliance Resources:
- Frequently Asked Questions Related to COVID-19 Pandemic Regulatory Relief
- Frequently Asked Questions About Form G-32
- Compliance Corner FAQ: MSRB Rule G-14 (Primary Market Sale Transaction) (Fall 2022)
- Compliance Corner FAQ: MSRB Rule G-14 (List Offering Price/Takedown Transaction) (Spring 2021)
Regulated Entity Administration - The interpretive guidance and compliance resources in this section are specific to set internal requirements for firms.
Interpretive Guidance:
- Frequently Asked Questions Related to COVID-19 Pandemic Regulatory Relief
- FAQs about Proposed Amendments to MSRB Rules Establishing Fees for Dealers and Municipal Advisors
Compliance Resources:
- FAQs on MSRB Registration: Rule A-12
- Compliance Corner FAQ: MSRB Rule G-44 (Supervisory and Compliance Obligations of Municipal Advisors) (Summer 2022)
- Compliance Corner FAQ: MSRB Rule A-12 (MSRB Registered Designation) (Winter 2018)
- FAQs on MSRB Rules on Investor and Municipal Advisory Client Education and Protection
- MSRB Answers Frequently Asked Questions Regarding MSRB Rule G-42 and Making Recommendations
