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Rule G-20
Last Updated:
06/25/2020
Gifts, Gratuities, Non-Cash Compensation and Expenses of Issuance
Rule Summary: Prohibits dealers and municipal advisors from giving gifts or providing services in excess of $100 to another person in relation to the municipal securities activities of such person’s employer and limits the giving and acceptance of non-cash compensation by dealers, subject to exceptions.
Rule for:
Dealers, Municipal Advisors, Bank Dealers
Status:
SEC Filing (05/01/2026)
Proposed Rule Change Consisting of Amendments to MSRB Rule G-20 to Revise the MSRB’s Gift and Gratuities Requirements to Preserve Alignment with Amendments to FINRA Rule 3220 and to Make Certain Technical Amendments
Notice (05/06/2026)
Correction to MSRB Notice 2026-03 Requesting Comments on Draft Amendments to MSRB Rules to Retire Financial Advisor Terminology Pursuant to the MSRB’s Municipal Advisor Retrospective Rule Review
Notice (05/01/2026)
MSRB Amends Rule G-20 to Increase Gift Limit, Consistent with Recent FINRA Amendments
Request for Comment on Draft Amendments to MSRB Rules to Retire Financial Advisor Terminology Pursuant to the MSRB’s Municipal Advisor Retrospective Rule Review (as revised on May 6, 2026)