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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Notice 2019-21 - Informational Notice

Publication date: 12/20/2019

MSRB Establishes a Compliance Date of November 30, 2020, for Amendments to Form G-32

Information for:

Bank Dealers, Dealers

Rule Number:

Rule G-32

SEC Filing SR-MSRB-2019-13

Publication date: 11/19/2019

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

Federal Register Notice of Approval (February 24, 2020 )

SEC Approval Order (February 18, 2020 )

MSRB Response to Comments (February 06, 2020 )

SEC Request for Extension of Time (December 20, 2019 )

Federal Register Notice of Filing (November 27, 2019 )

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Notice 2019-20 - Approval Notice

Publication date: 11/08/2019

SEC Approves Amendments to Underwriters’ Fair Dealing Obligations to Issuers Under Rule G-17

Information for:

Bank Dealers, Dealers, Municipal Advisors

Rule Number:

Rule G-17

SEC Filing SR-MSRB-2019-12

Publication date: 10/18/2019

Revisions to the 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 (November 05, 2019 )

SEC Approval Order (October 30, 2019 )

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Notice 2019-19 - Informational Notice

Publication date: 10/18/2019

MSRB Revises Content Outline for the Municipal Advisor Principal Qualification Examination

Information for:

Municipal Advisors

Rule Number:

Rule G-3

Notice 2019-18 - Informational Notice

Publication date: 10/11/2019

MSRB to Launch Permanent Series 54 Examination November 12, 2019

Information for:

Municipal Advisors

Rule Number:

Rule G-3

Notice 2019-17 - Informational Notice

Publication date: 10/10/2019

MSRB Seeks Input and Volunteers for Advisory Groups

Information for:

Bank Dealers, Dealers, Municipal Advisors

Compliance Resource

Publication date: 10/10/2019

FAQs Regarding MSRB Rule G-12 on Close-Outs

Information for:

Bank Dealers, Dealers

Rule Number:

Rule G-12

Compliance Resource

Publication date: 10/01/2019

Guide to Printing a Certificate of Current MSRB Registraion

Information for:

Bank Dealers, Dealers, Municipal Advisors

Rule Number:

Rule A-12

Compliance Resource

Publication date: 09/30/2019

RTRS Users Manual

Information for:

Dealers

Rule Number:

Rule G-14

SEC Filing SR-MSRB-2019-11

Publication date: 09/11/2019

Proposed Rule Change to Amend MSRB Rule A-11, on Assessments for Municipal Advisor Professionals, to Increase the Annual Professional Fee Over a Two-Year Phase-In Period

MSRB Response to Comments (November 07, 2019 )

Federal Register Notice of Immediately Effective Rule Change (September 30, 2019 )

SEC Approval Order (September 24, 2019 )

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Notice 2019-16 - Approval Notice

Publication date: 09/11/2019

MSRB Amends Professional Fee for Municipal Advisors

Information for:

Municipal Advisors

Rule Number:

Rule A-11

SEC Filing SR-MSRB-2019-10

Publication date: 08/01/2019

Proposed Rule Change to Amend and Restate the MSRB's August 2, 2012 Interpretive Notice Concerning the Application of Rule G-17 to Underwriters of Municipal Securities

Federal Register Notice of Approval (November 13, 2019 )

SEC Approval Order (November 06, 2019 )

MSRB Response to Comments (October 31, 2019 )

Amendment No. 2 (October 31, 2019 )

Amendment No. 1 (October 07, 2019 )

MSRB Response to Comments (October 07, 2019 )

SEC Request for Extension of Time (September 10, 2019 )

Federal Register Notice of Filing (August 09, 2019 )

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Notice 2019-15 - Approval Notice

Publication date: 06/28/2019

SEC Approves Amendments to MSRB Rules and Data Collection Related to Primary Offering Practices

Information for:

Bank Dealers, Dealers

Rule Number:

Rule G-11, Rule G-32

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

MSRB Establishes a Compliance Date of November 30, 2020, for Amendments to Form G-32

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

SEC Approves Amendments to Underwriters’ Fair Dealing Obligations to Issuers Under Rule G-17

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

MSRB Revises Content Outline for the Municipal Advisor Principal Qualification Examination

MSRB to Launch Permanent Series 54 Examination November 12, 2019

MSRB Seeks Input and Volunteers for Advisory Groups

FAQs Regarding MSRB Rule G-12 on Close-Outs

Guide to Printing a Certificate of Current MSRB Registraion

RTRS Users Manual

Proposed Rule Change to Amend MSRB Rule A-11, on Assessments for Municipal Advisor Professionals, to Increase the Annual Professional Fee Over a Two-Year Phase-In Period

MSRB Amends Professional Fee for Municipal Advisors

Proposed Rule Change to Amend and Restate the MSRB's August 2, 2012 Interpretive Notice Concerning the Application of Rule G-17 to Underwriters of Municipal Securities

SEC Approves Amendments to MSRB Rules and Data Collection Related to Primary Offering Practices

Guidance, Notices & Resources

MSRB Rule Book

MSRB Regulatory News

Never miss an important update

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