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: Prescribes standard formulas for the computation of accrued interest, dollar price and yield; sets standards for accuracy; and establishes day-counting methods.