Rule Summary: Establishes professional qualification and continuing education requirements for, and specifies the number of supervisory personnel who must be associated with, dealers and municipal advisors.

Rule Summary: Prohibits dealers from publishing false or misleading advertisements relating to municipal securities or concerning the facilities, services or skills of any dealer; establishes specific requirements for advertisements of new issues and municipal fund securities; and requires a municipal securities or general securities principal to approve in writing advertisements prior to first use.