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: Requires dealers to evidence in writing financial advisory relationships and prohibits dealers from serving as financial advisor and underwriter or placement agent on the same issue.

Rule Summary: Requires dealers to effect transactions in municipal securities with customers at fair and reasonable prices, if acting as principal, and to make reasonable efforts to obtain fair and reasonable prices for customers and to charge fair and reasonable commissions, if acting as agent.