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: Establishes duties of dealers acting as broker’s brokers, including when conducting auctions of municipal securities known as “bid-wanteds”; requires broker’s brokers to establish policies and procedures regarding bid-wanteds and offerings; and prohibits certain wrongful conduct.