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 publishing false or misleading advertisements relating to municipal securities or concerning the facilities, services or skills of any dealer; establishes specific requirements for advertisements of new issues and municipal fund securities; and requires a municipal securities or general securities principal to approve in writing advertisements prior to first use.