Rule Summary: Prohibits dealers from effecting transactions in municipal securities and municipal advisors from engaging in municipal advisory activities unless they and their associated personnel are qualified in accordance with MSRB rules.

Rule Summary: Prohibits dealers from distributing or publishing reports of purchases or sales of municipal securities unless the report is made with knowledge or reason to believe that the transaction was effected, and without any reason to believe that the reported transaction is fictitious, or in furtherance of any fraudulent, deceptive or manipulative purpose, and establishes transaction reporting requirements and procedures.

Rule Summary: Requires dealers and municipal advisors to deal fairly with all persons and not to engage in any deceptive, dishonest or unfair practice.

Rule Summary: Requires dealers to disclose to customers at or prior to the time of trade all material information known or available publicly through established industry sources.