Rule Summary: Requires dealers and municipal advisors to provide certain notices to customers and clients within specified timeframes.

Rule Summary: Establishes terms and conditions for sales by dealers of new issues of municipal securities in primary offerings, including provisions on priority of customer orders.

Rule Summary: Requires quotations distributed or published by a dealer to represent bona fide bids or offers of municipal securities, based upon the dealer’s best judgment of the fair market value of the securities, and prohibits misrepresentation of another dealer’s quotations.

Rule Summary: Prohibits dealers from distributing or publishing reports of purchases or sales of municipal securities unless the report is made with knowledge or reason to believe that the transaction was effected, and without any reason to believe that the reported transaction is fictitious, or in furtherance of any fraudulent, deceptive or manipulative purpose, and establishes transaction reporting requirements and procedures.

Rule Summary: Requires dealers to provide customers with written confirmations of transactions, containing specified information, including mark-ups and mark-downs, and prescribes certain uniform practice procedures for dealers that transact municipal securities business with customers.

Rule Summary: Requires dealers and municipal advisors to deal fairly with all persons and not to engage in any deceptive, dishonest or unfair practice.

Rule Summary: Requires dealers to use reasonable diligence to ascertain the best market for the subject security and buy or sell in that market so that the resultant price to the customer is as favorable as possible under prevailing market conditions.

Rule Summary: Sets standards for recommendations by dealers to customers of purchases, sales or exchanges of municipal securities.

Rule Summary: Prohibits dealers from publishing false or misleading advertisements relating to municipal securities or concerning the facilities, services or skills of any dealer; establishes specific requirements for advertisements of new issues and municipal fund securities; and requires a municipal securities or general securities principal to approve in writing advertisements prior to first use.

Rule Summary: Prohibits discretionary account transactions and effecting purchase and sale transactions of municipal securities by dealers, where the dealer has a control relationship with respect to the security, absent disclosure to the customer of such relationship.

Rule Summary: Requires dealers to evidence in writing financial advisory relationships and prohibits dealers from serving as financial advisor and underwriter or placement agent on the same issue.

Rule Summary: Prohibits dealers from using non-public information obtained in the course of certain fiduciary or agency capacities concerning the ownership of securities in furtherance of their business activities or for financial gain.

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: Ensures that a uniform account transfer standard applies to all dealers.

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.

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.

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.

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.

Rule Summary: Prescribes standard formulas for the computation of accrued interest, dollar price and yield; sets standards for accuracy; and establishes day-counting methods.

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: 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.

Rule Summary: Establishes telemarketing requirements with respect to the municipal securities activities of dealers.

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.

Rule Summary: Establishes the core standards of conduct and duties of municipal advisors when engaging in municipal advisory activities (as defined in this rule).

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.

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.

Rule Summary: Establishes the core standards of conduct for solicitor municipal advisors when engaging in solicitation activities that would require them to register with the SEC and the MSRB as municipal advisors.

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.

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