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Conduct of Municipal Securities and Municipal Advisory Activities
Rule Summary: Requires dealers and municipal advisors to deal fairly with all persons and not to engage in any deceptive, dishonest or unfair practice.
Dealers, Municipal Advisors, Bank Dealers, Municipal Fund Securities
Time of Trade Disclosures in Inter-Dealer Transactions
Gifts, Gratuities, Non-Cash Compensation and Expenses of Issuance (Legacy Rule for Certain Regulated Entities Effective until December 1, 2026) (LEGACY RULE APPEARS AFTER CURRENT VERSION. SCROLL DOWN TO VIEW.)
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.**APPLICABLE TO: all municipal advisors as well as dealers that are not FINRA members (i.e., bank dealers), until December 1, 2026. The MSRB notes that regulated entities may choose to come into compliance with the current rule changes prior to the referenced operative date.
Municipal Advisors, Bank Dealers
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 on Voluntary Early Compliance By Municipal Advisors and Bank Dealers With Recent Rule G-20 Amendments Before December 1, 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
MSRB Amends Rule G-20 to Increase Gift Limit, Consistent with Recent FINRA Amendments
Proposed Rule Change to Amend MSRB Rules A-11 and A-13 Pursuant to a Multi-Year Rate Card and to Make Related Technical Amendments
SEC Approves Amendments to MSRB Rules A-11 and A-13 Establishing New Multi-Year Rate Card Fees for Dealers and Municipal Advisors
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)