Regulatory Documents

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SEC Filing SR-MSRB-2026-04

Publication date: 07/27/2026

Proposed Rule Change to Amend MSRB Rule G-27 to Exclude Certain Public Finance Activities from Term “Structuring of Public Offerings or Private Placements,” Extend the Length of the Exclusion for Non-Primary Residences from Municipal Branch Office Designation, and Make a Technical Update to the Rule’s Title

Federal Register Notice of Filing (August 04, 2026 )

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Notice MSRB Notice 2026-07 - Regulatory Reminder

Publication date: 07/02/2026

Notice on Voluntary Early Compliance By Municipal Advisors and Bank Dealers With Recent Rule G-20 Amendments Before December 1, 2026

Information for:

Municipal Advisors

Rule Number:

Rule G-20

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 )

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Notice 2026-06 - Informational Notice

Publication date: 06/18/2026

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

Notice 2026-05 - Informational Notice

Publication date: 05/06/2026

Correction to MSRB Notice 2026-03 Requesting Comments on Draft Amendments to MSRB Rules to Retire Financial Advisor Terminology Pursuant to the MSRB’s Municipal Advisor Retrospective Rule Review

Rule Number:

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

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 )

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Notice 2026-04 - Informational Notice

Publication date: 05/01/2026

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 )

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Notice 2026-03 - Request for Comment

Publication date: 04/23/2026 | Comment due: 07/20/2026

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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SEC Filing SR-MSRB-2018-10

Publication date: 12/20/2018

Content Outline for the Municipal Advisor Principal Qualification Examination and Its Associated Selection Specifications for the Examination

Federal Register Notice of Immediately Effective Rule Change (December 31, 2018 )

SEC Approval Order (December 21, 2018 )

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Notice 2018-33 - Informational Notice

Publication date: 12/20/2018

MSRB Files Content Outline for the Municipal Advisor Principal Qualification Examination (Series 54)

Information for:

Municipal Advisors

Rule Number:

Rule G-3

Notice 2018-32 - Informational Notice

Publication date: 12/19/2018

MSRB Provides Compliance Resource on Application of Content Standards to Advertisements by Municipal Advisors under MSRB Rule G-40

Information for:

Municipal Advisors

Rule Number:

Rule G-40

Notice 2018-31 - Approval Notice

Publication date: 12/13/2018

SEC Approves Amendments to MSRB Form G-45 to Modify and Clarify Certain Data Elements Submitted about 529 Savings Plans and ABLE Programs

Information for:

Bank Dealers, Dealers, Municipal Fund Securities

Rule Number:

Rule G-45

SEC Filing SR-MSRB-2018-09

Publication date: 12/07/2018

Proposed Rule Change to the MSRB's Facility for the Electronic Municipal Market Access System (EMMA)

Federal Register Notice of Immediately Effective Rule Change (December 21, 2018 )

SEC Approval Order (December 17, 2018 )

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Notice 2018-30 - Approval Notice

Publication date: 11/28/2018

SEC Approves Amendments to MSRB Rule G-3 to Establish a Municipal Advisor Principal Qualification Examination

Information for:

Municipal Advisors

Rule Number:

Rule G-3

Notice 2018-29 - Request for Comment

Publication date: 11/16/2018 | Comment due: 01/15/2019

Request for Comment on Draft Amendments to 2012 Interpretive Notice Concerning the Application of MSRB Rule G-17 to Underwriters of Municipal Securities

Information for:

Bank Dealers, Dealers, Municipal Advisors

Rule Number:

Rule G-17

All Comments to Notice 2018-29

1. Bond Dealers of America: Letter from Mike Nicholas, Chief Executive Officer, dated January 15, 2019

2. City of San D iego: Letter

3. Government Finance Officers Association: Letter from Emily S. Brock, Director, Federal Liaison Center, dated January 15, 2019

4. National Association of Municipal Advisors: Letter from Susan Gaffney, Executive Director, dated January 15, 2019

5. Securities Industry and Financial Markets Association: Letter from Leslie M. Norwood, Managing Director and Associate General Counsel, and Bernard V. Canepa, Vice President and Assistant General Counsel, dated January 15, 2019

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Notice 2018-28 - Regulatory Reminder

Publication date: 11/08/2018

Reminder of Requirement to Submit Word-Searchable PDF Documents to the Electronic Municipal Market Access (EMMA®) Website

Information for:

Bank Dealers, Dealers, Municipal Advisors

SEC Filing SR-MSRB-2018-08

Publication date: 10/15/2018

Proposed Rule Change Concerning Certain Data Elements on Form G-45 under MSRB Rule G-45, on Reporting of Information on Municipal Fund Securities

Federal Register Notice of Approval (December 18, 2018 )

SEC Approval Order (December 12, 2018 )

Federal Register Notice of Filing (November 02, 2018 )

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Notice 2018-27 - Informational Notice

Publication date: 09/25/2018

MSRB Facilitates Requests for Interpretive Guidance

Information for:

Bank Dealers, Dealers, Municipal Advisors

SEC Filing SR-MSRB-2018-07

Publication date: 09/19/2018

Proposed Rule Change to Amend MSRB Rule G-3, on Professional Qualification Requirements, to Require Municipal Advisor Principals to Become Appropriately Qualified by Passing the Municipal Advisor Principal Qualification Examination

Federal Register Notice of Approval (November 27, 2018 )

SEC Approval Order (November 20, 2018 )

MSRB Response to Comments (November 16, 2018 )

Federal Register Notice of Filing (October 09, 2018 )

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Notice 2018-26 - Informational Notice

Publication date: 09/19/2018

MSRB Proposes a Municipal Advisor Principal Qualification Examination

Information for:

Municipal Advisors

Rule Number:

Rule G-3

Notice 2018-24 - Informational Notice

Publication date: 09/17/2018

MSRB Answers FAQs Regarding Use of Municipal Advisory Client Lists and Case Studies under MSRB Rule G-40

Information for:

Municipal Advisors

Rule Number:

Rule G-40

Notice 2018-25 - Request for Comment

Publication date: 09/17/2018 | Comment due: 10/17/2018

Request for Comment on the Application of Content Standards to Advertisements by Municipal Advisors under MSRB Rule G-40

Information for:

Municipal Advisors

Rule Number:

Rule G-40

All Comments to Notice 2018-25

1. Bond Dealers of America: Letter from Mike Nicholas, Chief Executive Officer, dated October 17, 2018; and Letter from Michael Nicholas, Chief Executive Officer, dated November 30, 2018

2. National Association of Municipal Advisors: Letter from Susan Gaffney, Executive Director, dated October 17, 2018

3. Securities Industry and Financial Markets Association: Letter from Leslie M. Norwood, Managing Director and Associate General Counsel, dated October 17, 2018

4. Springsted Incorporated: Letter from Kathleen A. Aho, President, dated October 17, 2018

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Regulatory Documents for the
Municipal Market

Select regulatory documents by category:

Regulatory Document Type

Notice on Voluntary Early Compliance By Municipal Advisors and Bank Dealers With Recent Rule G-20 Amendments Before December 1, 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

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

Correction to MSRB Notice 2026-03 Requesting Comments on Draft Amendments to MSRB Rules to Retire Financial Advisor Terminology Pursuant to the MSRB’s Municipal Advisor Retrospective Rule Review

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

Content Outline for the Municipal Advisor Principal Qualification Examination and Its Associated Selection Specifications for the Examination

MSRB Files Content Outline for the Municipal Advisor Principal Qualification Examination (Series 54)

MSRB Provides Compliance Resource on Application of Content Standards to Advertisements by Municipal Advisors under MSRB Rule G-40

SEC Approves Amendments to MSRB Form G-45 to Modify and Clarify Certain Data Elements Submitted about 529 Savings Plans and ABLE Programs

Proposed Rule Change to the MSRB's Facility for the Electronic Municipal Market Access System (EMMA)

SEC Approves Amendments to MSRB Rule G-3 to Establish a Municipal Advisor Principal Qualification Examination

Request for Comment on Draft Amendments to 2012 Interpretive Notice Concerning the Application of MSRB Rule G-17 to Underwriters of Municipal Securities

Reminder of Requirement to Submit Word-Searchable PDF Documents to the Electronic Municipal Market Access (EMMA®) Website

Proposed Rule Change Concerning Certain Data Elements on Form G-45 under MSRB Rule G-45, on Reporting of Information on Municipal Fund Securities

MSRB Facilitates Requests for Interpretive Guidance

Proposed Rule Change to Amend MSRB Rule G-3, on Professional Qualification Requirements, to Require Municipal Advisor Principals to Become Appropriately Qualified by Passing the Municipal Advisor Principal Qualification Examination

MSRB Proposes a Municipal Advisor Principal Qualification Examination

MSRB Answers FAQs Regarding Use of Municipal Advisory Client Lists and Case Studies under MSRB Rule G-40

Request for Comment on the Application of Content Standards to Advertisements by Municipal Advisors under MSRB Rule G-40

Guidance, Notices & Resources

MSRB Rule Book

MSRB Regulatory News

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Regulatory Documents for the Municipal Market

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Regulatory Document Type

MSRB Rule Book

MSRB Regulatory News

Never miss an important update

Regulatory Documents for the
Municipal Market