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Customer Account Transfers
Rule Summary: Ensures that a uniform account transfer standard applies to all dealers.
Dealers, Bank Dealers, Municipal Fund Securities
Supervision
Rule Summary: Outlines requirements for a dealer’s supervision of personnel engaged in activities involving municipal securities activities.
Dealers, Bank Dealers, Municipal Fund Securities
SEC Filing
Proposed Rule Change to Amend MSRB Rule G-27 to Further Extend the Current Regulatory Relief for Remote Office Inspections through June 30, 2024 and Amend MSRB Rule G-16 to Delete Temporary Relief for the Initiation of Periodic Compliance Examinations of Dealers by the Examining Authorities
Notice
MSRB Provides Additional Regulatory Relief by Further Extending the Temporary Timeframe for Remote Office Inspections and Files Amendments to Remove Expired Relief Under Rule G-16
Compliance Resource
Underwriter Considerations for Assessing Written Supervisory Procedures Regarding New Issue Pricing
Transactions with Employees and Partners of Other Municipal Securities Professionals
Rule Summary: Establishes requirements for dealers who open accounts or effect transactions in municipal securities for a customer who is known to be an employee or partner of another dealer.
Dealers, Bank Dealers, Municipal Fund Securities
Prices and Commissions
Rule Summary: Requires dealers to effect transactions in municipal securities with customers at fair and reasonable prices, if acting as principal, and to make reasonable efforts to obtain fair and reasonable prices for customers and to charge fair and reasonable commissions, if acting as agent.
Dealers, Bank Dealers, Municipal Fund Securities
Reciprocal Dealings with Municipal Securities Investment Companies
Rule Summary: Prohibits the solicitation of transactions in municipal securities with or for an investment company account in return for sales by the dealer of shares or units in the investment company.
Dealers, Bank Dealers
Disclosures In Connection With Primary Offerings
Rule Summary: Requires underwriters to submit certain information to the Electronic Municipal Market Access (EMMA®) system and dealers to provide certain information to customers in connection with primary offerings.
Dealers, Bank Dealers, Municipal Fund Securities
Calculations
Rule Summary: Prescribes standard formulas for the computation of accrued interest, dollar price and yield; sets standards for accuracy; and establishes day-counting methods.
Dealers, Bank Dealers
CUSIP Numbers, New Issue, and Market Information Requirements
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.
Dealers, Municipal Advisors, Bank Dealers
Arbitration
Rule Summary: Subjects bank dealers to arbitration program.
Dealers, Bank Dealers
Political Contributions and Prohibitions on Municipal Securities Business and Municipal Advisory Business
Rule Summary: Prohibits dealers from engaging in municipal securities business and municipal advisors from engaging in municipal advisory business with municipal entities if certain contributions have been made to officials of such municipal entities within the preceding two-year period, and requires dealers and municipal advisors to disclose certain political contributions and other information.
Dealers, Municipal Advisors, Bank Dealers, Municipal Fund Securities
Solicitation of Municipal Securities Business
Rule Summary: Prohibits dealers from paying persons who are not affiliated with the dealers for a solicitation of municipal securities business on their behalf.
Dealers, Bank Dealers
Telemarketing
Rule Summary: Establishes telemarketing requirements with respect to the municipal securities activities of dealers.
Dealers, Bank Dealers, Municipal Fund Securities
Advertising by Municipal Advisors
Rule Summary: Prohibits municipal advisors from publishing false or misleading advertisements concerning the services of the municipal advisor or the engagement of a municipal advisory client or concerning the facilities, services or skills of any municipal advisor, establishes specific content standards for advertisements and requires a municipal advisor principal to approve, in writing, advertisement prior to first use.
Municipal Advisors, Municipal Fund Securities
Notice
SEC Approves Amended MSRB Rule G-40 on Advertising by Municipal Advisors, Related Amendments to MSRB Rule G-8(h) on Books and Records to be Made by Municipal Advisors and Related Updates to the MSRB’s FAQs regarding the Use of Social Media
Anti-Money Laundering Compliance Program
Rule Summary: Requires a dealer to establish and implement an anti-money laundering program that complies with the rules and regulations governing anti-money laundering programs of either its registered securities association or its appropriate banking regulator.
Dealers, Bank Dealers
Duties of Non-Solicitor Municipal Advisors
Rule Summary: Establishes the core standards of conduct and duties of municipal advisors when engaging in municipal advisory activities (as defined in this rule).
Municipal Advisors, Municipal Fund Securities
Compliance Resource
Considerations for Assessing Written Supervisory Procedures for Municipal Advisory Services
Broker’s Brokers
Rule Summary: Establishes duties of dealers acting as broker’s brokers, including when conducting auctions of municipal securities known as “bid-wanteds”; requires broker’s brokers to establish policies and procedures regarding bid-wanteds and offerings; and prohibits certain wrongful conduct.
Dealers, Bank Dealers
Supervisory and Compliance Obligations of Municipal Advisors
Rule Summary: Establishes supervisory and compliance obligations of municipal advisors when engaging in municipal advisory activities.
Municipal Advisors, Municipal Fund Securities
Compliance Resource
Considerations for Assessing Written Supervisory Procedures for Municipal Advisory Services
Reporting of Information on Municipal Fund Securities
Rule Summary: Requires dealers, when acting in the capacity of an underwriter for a 529 savings plan or ABLE program, to submit information on a semi-annual or, in the case of performance data, annual basis, to the MSRB.
Dealers, Bank Dealers, Municipal Fund Securities
Duties of Solicitor Municipal Advisors
Rule Summary: The compliance date for new MSRB Rule G-46 is March 1, 2024.
Municipal Advisors, General Public, Issuers
Notice
SEC Approves New MSRB Rule G-46 on Duties of Solicitor Municipal Advisors and Related Amendments to MSRB Rule G-8
Time of Trade Disclosure
Rule Summary: Requires dealers to disclose to customers at or prior to the time of trade all material information known or available publicly through established industry sources.
Dealers, Bank Dealers, Municipal Fund Securities
Request for Comment
Request for Comment Regarding a Retrospective Review of the MSRB’s Time of Trade Disclosure Rule and Draft Amendments to MSRB Rule D-15, On Sophisticated Municipal Market Professionals
Transactions with Sophisticated Municipal Market Professionals
Rule Summary: Provides for modified dealer regulatory obligations under other MSRB rules when dealing with sophisticated municipal market professionals.
Dealers, Bank Dealers
Request for Comment
Request for Comment on Draft Amendments to MSRB Rule G-32 to Streamline the Deadlines for Submitting Information on Form G-32