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Expanded Compact
Number Name Status Rule Category Regulated Entity
Rule G-40 Advertising by Municipal Advisors Fair Practice Municipal Advisors, Municipal Fund Securities
Rule A-8 Rulemaking Procedures Dealers
Rule D-15 Sophisticated Municipal Market Professional Dealers, Bank Dealers
Rule G-40
Last Updated: 07/03/2023
Advertising by Municipal Advisors

Rule Summary: Prohibits municipal advisors from publishing false or misleading advertisements concerning the services of the municipal advisor or the engagement of a municipal advisory client or concerning the facilities, services or skills of any municipal advisor, establishes specific content standards for advertisements and requires a municipal advisor principal to approve, in writing, advertisement prior to first use.

Rule for:

Municipal Advisors, Municipal Fund Securities

Status:
Rule A-8
Last Updated: No amendment history
Rulemaking Procedures
Rule for:

Dealers

Status:
Rule D-15
Last Updated: No amendment history
Sophisticated Municipal Market Professional
Rule for:

Dealers, Bank Dealers

Status:
Request for Comment (11/03/2025)
Request for Comment on MSRB Rule D-15 Defining the Term Sophisticated Municipal Market Professional
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