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Rules with Recent

Expanded Compact
Number Name Status Rule Category Regulated Entity
Rule A-1 Rules of the Board
Rule A-2 Powers of the Board
Rule A-3 Board Membership: Composition, Elections, Removal, Compensation Dealers, Municipal Advisors, Bank Dealers
Rule A-4 Meetings of the Board
Rule A-5 Officers and Employees of the Board
Rule A-6 Committees of the Board
Rule A-7 Assessments Dealers, Municipal Advisors, Bank Dealers
Rule A-8 Rulemaking Procedures Dealers
Rule A-9 Fiscal Year
Rule A-10 Independent Audit
Rule A-11 Assessments for Municipal Advisor Professionals
Municipal Advisors
Rule A-12 Registration
Dealers, Municipal Advisors
Rule A-13 Underwriting and Transaction Assessments for Brokers, Dealers and Municipal Securities Dealers
Dealers, Bank Dealers, Municipal Fund Securities
Rule A-14 Rule A-14-Reserved
Rule A-15 Rule A-15-Reserved
Rule A-16 Examination Fees Dealers, Municipal Advisors, Bank Dealers
Rule A-17 Confidentiality of Examination Reports
Rule A-18 Mandatory Participation in Business Continuity and Disaster Recovery Testing
Dealers, Municipal Advisors, Bank Dealers
Rule D-1 General
Rule D-2 "Act"
Rule D-3 "Commission"
Rule D-4 "Board"
Rule D-5 "Member"
Rule D-6 "Whole Board"
Rule D-7 "Proposed Rules and Rules of the Board"
Rule D-8 "Bank Dealer" Dealers, Bank Dealers
Rule D-9 "Customer" Dealers, Bank Dealers
Rule D-10 "Discretionary Account" Dealers, Bank Dealers
Rule D-11 "Associated Persons"
Dealers, Municipal Advisors, Bank Dealers
Rule D-12 "Municipal Fund Security" Municipal Fund Securities
Rule D-13 "Municipal Advisory Activities" Municipal Advisors
Rule D-14 "Appropriate Regulatory Agency" Dealers, Municipal Advisors, Bank Dealers
Rule D-15 Sophisticated Municipal Market Professional Dealers, Bank Dealers
Rule A-1
Last Updated: No amendment history
Rules of the Board
Status:
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Rule A-2
Last Updated: No amendment history
Powers of the Board
Status:
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Rule A-3
Last Updated: No amendment history
Board Membership: Composition, Elections, Removal, Compensation
Rule for:

Dealers, Municipal Advisors, Bank Dealers

Status:
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Rule A-4
Last Updated: No amendment history
Meetings of the Board
Status:
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Rule A-5
Last Updated: No amendment history
Officers and Employees of the Board
Status:
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Rule A-6
Last Updated: No amendment history
Committees of the Board
Status:
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Rule A-7
Last Updated: No amendment history
Assessments
Rule for:

Dealers, Municipal Advisors, Bank Dealers

Status:
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Rule A-8
Last Updated: No amendment history
Rulemaking Procedures
Rule for:

Dealers

Status:
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Rule A-9
Last Updated: No amendment history
Fiscal Year
Status:
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Rule A-10
Last Updated: No amendment history
Independent Audit
Status:
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Rule A-11
Last Updated: 01/01/2026
Assessments for Municipal Advisor Professionals
Rule for:

Municipal Advisors

Status:
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SEC Filing (09/30/2025)
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
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Notice (12/22/2025)
SEC Approves Amendments to MSRB Rules A-11 and A-13 Establishing New Multi-Year Rate Card Fees for Dealers and Municipal Advisors
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Rule A-12
Last Updated: 08/09/2022
Registration
Rule for:

Dealers, Municipal Advisors

Status:
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Compliance Resource (11/19/2025)
Steps for Registering as a Municipal Advisor
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Rule A-13
Last Updated: 01/01/2026
Underwriting and Transaction Assessments for Brokers, Dealers and Municipal Securities Dealers
Rule for:

Dealers, Bank Dealers, Municipal Fund Securities

Status:
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SEC Filing (09/30/2025)
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
View SEC Filing
Notice (12/22/2025)
SEC Approves Amendments to MSRB Rules A-11 and A-13 Establishing New Multi-Year Rate Card Fees for Dealers and Municipal Advisors
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Rule A-14
Last Updated: No amendment history
Rule A-14-Reserved
Status:
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Rule A-15
Last Updated: No amendment history
Rule A-15-Reserved
Status:
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Rule A-16
Last Updated: No amendment history
Examination Fees
Rule for:

Dealers, Municipal Advisors, Bank Dealers

Status:
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Rule A-17
Last Updated: No amendment history
Confidentiality of Examination Reports
Status:
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Rule A-18
Last Updated: No amendment history
Mandatory Participation in Business Continuity and Disaster Recovery Testing
Rule for:

Dealers, Municipal Advisors, Bank Dealers

Status:
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Notice (01/16/2026)
Designation Information Regarding Mandatory Participation in Business Continuity and Disaster Testing
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Notice (01/17/2025)
Designation Information Regarding Mandatory Participation in Business Continuity and Disaster Recovery Testing
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Rule D-1
Last Updated: No amendment history
General
Status:
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Rule D-2
Last Updated: No amendment history
"Act"
Status:
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Rule D-3
Last Updated: No amendment history
"Commission"
Status:
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Rule D-4
Last Updated: No amendment history
"Board"
Status:
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Rule D-5
Last Updated: No amendment history
"Member"
Status:
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Rule D-6
Last Updated: No amendment history
"Whole Board"
Status:
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Rule D-7
Last Updated: No amendment history
"Proposed Rules and Rules of the Board"
Status:
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Rule D-8
Last Updated: No amendment history
"Bank Dealer"
Rule for:

Dealers, Bank Dealers

Status:
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Rule D-9
Last Updated: No amendment history
"Customer"
Rule for:

Dealers, Bank Dealers

Status:
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Rule D-10
Last Updated: No amendment history
"Discretionary Account"
Rule for:

Dealers, Bank Dealers

Status:
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Rule D-11
Last Updated: No amendment history
"Associated Persons"
Rule for:

Dealers, Municipal Advisors, Bank Dealers

Status:
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Rule D-12
Last Updated: No amendment history
"Municipal Fund Security"
Rule for:

Municipal Fund Securities

Status:
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Rule D-13
Last Updated: No amendment history
"Municipal Advisory Activities"
Rule for:

Municipal Advisors

Status:
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Rule D-14
Last Updated: No amendment history
"Appropriate Regulatory Agency"
Rule for:

Dealers, Municipal Advisors, Bank Dealers

Status:
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Rule D-15
Last Updated: No amendment history
Sophisticated Municipal Market Professional
Rule for:

Dealers, Bank Dealers

Status:
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Request for Comment (11/03/2025)
Request for Comment on MSRB Rule D-15 Defining the Term Sophisticated Municipal Market Professional
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