Rule Summary: Prohibits dealers from improperly using municipal securities or funds held on behalf of another person, guaranteeing customers against loss in customer accounts and transactions, and sharing in profits and losses of customer accounts and transactions by any dealer.

Rule Summary: Establishes requirements relating to CUSIP numbers for dealers and, in competitive offerings, municipal advisors; requires underwriter participation in the New Issue Information Dissemination Service (NIIDS); and requires submission of certain information and documents related to auction rate securities and variable rate demand obligations to the SHORT system.