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: Sets forth minimum scope and frequency of periodic compliance examinations of dealers by a registered securities association and bank regulators.

Rule Summary: Establishes requirements for dealers who open accounts or effect transactions in municipal securities for a customer who is known to be an employee or partner of another dealer.