Select regulatory documents by category:
Back to top
Notice 2021-08 - Request for Comment
Publication date: | Comment due:
Information for:

Bank Dealers, Dealers, Municipal Advisors

All Comments to Notice 2021-08

1. American Securities Association: Letter from Christopher A. Iacovella, Chief Executive Officer, dated June 28, 2021

2. Bond Dealers of America: Letter from Michael Decker, Senior Vice President, dated June 28, 2021

3. Securities Industry and Financial Markets Association: Letter from Leslie M. Norwood, Managing Director and Associate General Counsel, dated June 28, 2021

4. Szaro, Jennifer: Email dated May 17, 2021

Notice 2020-17 - Informational Notice
Publication date:
Interpretive Guidance - Interpretive Notices
Publication date:
Excerpt from Notice of Approval of Fair Practice Rules
Rule Number:

Rule D-9

Rule D-10 defines a discretionary account as an account for which a municipal securities professional has been authorized to determine what municipal securities will be purchased, sold or exchanged by or for the account. The definition covers accounts for which a municipal securities professional exercises discretionary authority from time to time, as well as accounts in which the customer sometimes, but not always, makes investment decisions. Under rule D-10, a discretionary account will not be deemed to  exist if the professional’s discretion is limited to the price at which, or the time at which, an order given by a customer for a definite amount of a specified security is executed. The definition relates to discretion concerning what municipal securities will be purchased, sold or exchanged, rather than when or at what price such transactions may occur.