Regulatory Documents

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SEC Filing SR-MSRB-2026-03

Publication date: 06/18/2026

Proposed Rule Change Consisting of Amendments to MSRB Rule G-28, on Transactions with Employees and Partners of Other Municipal Securities Professionals, to Harmonize and Better Align with FINRA Rule 3210, on Accounts at Other Broker-Dealers and Financial Institutions

Federal Register Notice of Immediately Effective Proposed Rule Change (June 30, 2026 )

SEC Order (June 25, 2026 )

MSRB Amends Rule G-28, on Transactions with Employees and Partners of Other Municipal Securities Professionals, Consistent with FINRA Rule 3210, on Accounts at Other Broker-Dealers and Financial Institutions

Information for:

Dealers

Rule Number:

Rule G-28

SEC Filing SR-MSRB-2026-02

Publication date: 05/01/2026

Proposed Rule Change Consisting of Amendments to MSRB Rule G-20 to Revise the MSRB’s Gift and Gratuities Requirements to Preserve Alignment with Amendments to FINRA Rule 3220 and to Make Certain Technical Amendments

Federal Register Notice of Immediately Effective Proposed Rule Change (May 07, 2026 )

SEC Order (May 04, 2026 )

MSRB Amends Rule G-20 to Increase Gift Limit, Consistent with Recent FINRA Amendments

Information for:

Dealers, Municipal Advisors

Rule Number:

Rule G-20

SEC Filing SR-MSRB-2026-01

Publication date: 04/30/2026

Proposed Rule Change to Amend MSRB Rule G-12(c) to Codify and Retire or Revise Certain Existing Interpretive Guidance on Confirmation Requirements for Those Inter-Dealer Municipal Securities Transactions That are Ineligible for Automated Comparison [Refiled to make technical changes, original filed on April 28, 2026]

Federal Register Notice of Approval (June 23, 2026 )

SEC Approval Order (June 17, 2026 )

Federal Register Notice of Filing (May 07, 2026 )

Request for Comment on Draft Amendments to MSRB Rules to Retire Financial Advisor Terminology Pursuant to the MSRB’s Municipal Advisor Retrospective Rule Review (as revised on May 6, 2026)

Information for:

Bank Dealers, Dealers, Issuers, Municipal Advisors

Rule Number:

Rule G-1, Rule G-3, Rule G-20, Rule G-23, Rule G-37

American Securities Association: Letter from Jessica R. Giroux, Chief Legal Officer, dated July 20, 2026
First Hawaiian Bank: Email from Ryan Ushijima dated July 10, 2026
National Association of Municipal Advisors: Letter from Susan Gaffney, Executive Director, dated July 20, 2026
PFM Financial Advisors, LLC: Letter from Cheryl Maddox, Chief Legal and Compliance Officer, dated July 20, 2026
Securities Industry and Financial Markets Association: Letter from Leslie M. Norwood, Managing Director and Associate General Counsel, Head of Municipal Securities, dated July 20, 2026

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Notice 2026-02 - Informational Notice

Publication date: 01/16/2026

Designation Information Regarding Mandatory Participation in Business Continuity and Disaster Testing

Information for:

Bank Dealers, Dealers, Municipal Advisors

Rule Number:

Rule A-18

Notice 2026-01 - Request for Comment

Publication date: 01/14/2026 | Comment due: 03/16/2026

Request for Comment on MSRB Rule G-27 on Dealer Supervision

Information for:

Bank Dealers, Dealers, General Public, Investors

Rule Number:

Rule G-27

All Comments to Notice 2026-01

American Securities Association: Letter from Jessica R. Giroux, Chief Legal Officer, dated March 16, 2026
Bond Dealers of America: Letter from Michael Decker, Senior Vice President, Research and Public Policy, dated March 16, 2026
Peg Henry PLLC: Letter from Margaret C. (Peg) Henry, Sole Member, dated March 6, 2026
Securities Industry and Financial Markets Association: Letter from Leslie M. Norwood, Managing Director and Associate General Counsel, Head of Municipal Securities, dated March 16, 2026

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Compliance Resource

Publication date: 12/07/2016

MSRB Form G-32

Information for:

Dealers, Investors

Rule Number:

Rule G-32

Notice 2016-29 - Informational Notice

Publication date: 12/01/2016

Interpretive Notice on the Application of MSRB Rules to Transactions in Managed Accounts

Information for:

Bank Dealers, Dealers

Rule Number:

Rule G-48, Rule D-15

Notice 2016-28 - Approval Notice

Publication date: 11/29/2016

New Disclosure Requirements Under MSRB Rule G-15 and Prevailing Market Price Guidance Pursuant to Rule G-30 Effective May 14, 2018

Information for:

Bank Dealers, Dealers

Rule Number:

Rule G-15, Rule G-30

Notice 2016-27 - Informational Notice

Publication date: 11/22/2016

Interpretive Notice Regarding Rule G-47, on Time of Trade Disclosure

Information for:

Bank Dealers, Dealers

Rule Number:

Rule G-47

Notice 2016-26 - Informational Notice

Publication date: 11/17/2016

MSRB Announces the Effective Date of the Academic Historical Transaction Data Product

Information for:

Bank Dealers, Dealers, Municipal Advisors

Notice 2016-23 - Request for Comment

Publication date: 09/27/2016 | Comment due: 10/18/2016

Second Request for Comment on Draft Provisions on Minimum Denominations

Information for:

Bank Dealers, Dealers

Rule Number:

Rule G-15

1. Bond Dealers of America: Letter from Mike Nicholas, Chief Executive Officer, dated October 18, 2016

2. Darcy Versions I and II: E-mail from G. Letti dated September 27, 2016

3. Financial Services Institute: Letter from David T. Bellaire, Executive Vice President & General Counsel, dated October 11, 2016

4. James J. Angel: Letter dated October 22, 2016

5. National Association of Bond Lawyers: Letter from Clifford M. Gerber, President, dated December 23, 2016

6. Romano Brothers & Co.: Letter from Eric Bederman, Chief Operating and Compliance Officer, dated October 18, 2016

7. Securities Industry and Financial Markets Association: Letter from Leslie M. Norwood, Managing Director and Associate General Counsel, dated October 18, 2016

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Notice 2016-22 - Approval Notice

Publication date: 09/14/2016

SEC Approves MSRB Academic Historical Transaction Data Product

Information for:

Bank Dealers, Dealers, Municipal Advisors

Notice 2016-21 - Approval Notice

Publication date: 08/19/2016

SEC Approves Amendments to MSRB Rule G-12 on Close-Out Procedures

Information for:

Bank Dealers, Dealers

Rule Number:

Rule G-12

Notice 2016-20 - Informational Notice

Publication date: 08/12/2016

MSRB Delays Reporting of Information by Underwriters of ABLE Programs and Provides Guidance Relating to Municipal Advisors to Sponsors or Trustees of Municipal Fund Securities, including ABLE Programs

Information for:

Bank Dealers, Dealers, Municipal Fund Securities

Rule Number:

Rule G-42, Rule G-44, Rule G-45

Notice 2016-19 - Informational Notice

Publication date: 08/09/2016

MSRB Provides Guidance on MSRB Rule G-14, on Reports of Sales or Purchases of Municipal Securities

Information for:

Bank Dealers, Dealers

Rule Number:

Rule G-14

Compliance Resource

Publication date: 08/09/2016

MSRB Provides Guidance on MSRB Rule G-14, on Reports of Sales or Purchases of Municipal Securities

Information for:

Dealers

Rule Number:

Rule G-14

Notice 2016-18 - Informational Notice

Publication date: 08/04/2016

MSRB Files Amendment to Rule G-37 to Clarify its Application to Contributions before August 17, 2016

Information for:

Bank Dealers, Dealers, Municipal Advisors

Rule Number:

Rule G-37

Compliance Resource

Publication date: 08/04/2016

MSRB Files Amendment to Rule G-37 to Clarify its Application to Contributions before August 17, 2016

Information for:

Dealers, Issuers, Municipal Advisors

Rule Number:

Rule G-8, Rule G-9, Rule G-37

Notice 2016-15 - Informational Notice

Publication date: 05/02/2016

MSRB to Amend Rules to Define Two-Day Settlement Cycle

Information for:

Bank Dealers, Dealers

Rule Number:

Rule G-12, Rule G-15

Notice 2016-14 - Informational Notice

Publication date: 04/12/2016

Municipal Fund Securities - Interpretation Relating to the Sales of Interests in ABLE Programs in the Primary Market

Information for:

Bank Dealers, Dealers, Municipal Advisors, Municipal Fund Securities

Rule Number:

Rule D-12

Notice 2016-13 - Request for Comment

Publication date: 04/07/2016 | Comment due: 05/25/2016

Request for Comment on Draft Amendments to MSRB Rule G-15(f) on Minimum Denominations

Information for:

Bank Dealers, Dealers

Rule Number:

Rule G-15

1. American Municipal Securities, Inc.: Letter from Michael Petagna, President, dated May 25, 2016

2. Bond Dealers of America: Letter from Mike Nicholas, Chief Executive Officer, dated May 25, 2016

3. Breena LLC: E-mail from G. Letti dated April 19, 2016

4. Center for Municipal Finance: Letter from Marc D. Joffe, President, dated April 7, 2016

5. Neighborly.com: E-mail from Jase Wilson dated May 25, 2016

6. Regional Brokers, Inc.: Letter from H. Deane Armstrong, CCO

7. Securities Industry and Financial Markets Association: Letter from Leslie M. Norwood, Managing Director and Associate General Counsel, dated May 25, 2016

8. Thomas Kiernan: E-mail dated April 7, 2016

9. Vista Securities: E-mail from Rick DeLong dated May 9, 2016

10. Wells Fargo Advisors, LLC: Letter from Robert J. McCarthy, Director of Regulatory Policy, dated May 25, 2016

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Notice 2016-12 - Informational Notice

Publication date: 04/04/2016

Direct Purchases and Bank Loans as Alternatives to Public Financing in the Municipal Securities Market

Information for:

Bank Dealers, Dealers, Municipal Advisors

Regulatory Documents for the
Municipal Market

Select regulatory documents by category:

Regulatory Document Type

Proposed Rule Change Consisting of Amendments to MSRB Rule G-28, on Transactions with Employees and Partners of Other Municipal Securities Professionals, to Harmonize and Better Align with FINRA Rule 3210, on Accounts at Other Broker-Dealers and Financial Institutions

MSRB Amends Rule G-28, on Transactions with Employees and Partners of Other Municipal Securities Professionals, Consistent with FINRA Rule 3210, on Accounts at Other Broker-Dealers and Financial Institutions

Proposed Rule Change Consisting of Amendments to MSRB Rule G-20 to Revise the MSRB’s Gift and Gratuities Requirements to Preserve Alignment with Amendments to FINRA Rule 3220 and to Make Certain Technical Amendments

MSRB Amends Rule G-20 to Increase Gift Limit, Consistent with Recent FINRA Amendments

Request for Comment on Draft Amendments to MSRB Rules to Retire Financial Advisor Terminology Pursuant to the MSRB’s Municipal Advisor Retrospective Rule Review (as revised on May 6, 2026)

Designation Information Regarding Mandatory Participation in Business Continuity and Disaster Testing

Request for Comment on MSRB Rule G-27 on Dealer Supervision

MSRB Form G-32

Interpretive Notice on the Application of MSRB Rules to Transactions in Managed Accounts

New Disclosure Requirements Under MSRB Rule G-15 and Prevailing Market Price Guidance Pursuant to Rule G-30 Effective May 14, 2018

Interpretive Notice Regarding Rule G-47, on Time of Trade Disclosure

MSRB Announces the Effective Date of the Academic Historical Transaction Data Product

Second Request for Comment on Draft Provisions on Minimum Denominations

SEC Approves MSRB Academic Historical Transaction Data Product

SEC Approves Amendments to MSRB Rule G-12 on Close-Out Procedures

MSRB Delays Reporting of Information by Underwriters of ABLE Programs and Provides Guidance Relating to Municipal Advisors to Sponsors or Trustees of Municipal Fund Securities, including ABLE Programs

MSRB Provides Guidance on MSRB Rule G-14, on Reports of Sales or Purchases of Municipal Securities

MSRB Provides Guidance on MSRB Rule G-14, on Reports of Sales or Purchases of Municipal Securities

MSRB Files Amendment to Rule G-37 to Clarify its Application to Contributions before August 17, 2016

MSRB Files Amendment to Rule G-37 to Clarify its Application to Contributions before August 17, 2016

MSRB to Amend Rules to Define Two-Day Settlement Cycle

Municipal Fund Securities - Interpretation Relating to the Sales of Interests in ABLE Programs in the Primary Market

Request for Comment on Draft Amendments to MSRB Rule G-15(f) on Minimum Denominations

Direct Purchases and Bank Loans as Alternatives to Public Financing in the Municipal Securities Market

Guidance, Notices & Resources

MSRB Rule Book

MSRB Regulatory News

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Regulatory Documents for the Municipal Market

Select regulatory documents by category:

Regulatory Document Type

MSRB Rule Book

MSRB Regulatory News

Never miss an important update

Regulatory Documents for the
Municipal Market