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.

Rule Summary: Establishes supervisory and compliance obligations of municipal advisors when engaging in municipal advisory activities.

Rule Summary: Provides for modified dealer regulatory obligations under other MSRB rules when dealing with sophisticated municipal market professionals.