Rule Summary: Defines the term “separately identifiable department or division of a bank” and sets forth bank activities that constitute dealer activities.

Rule Summary: Prohibits dealers from effecting transactions in municipal securities and municipal advisors from engaging in municipal advisory activities unless they and their associated personnel are qualified in accordance with MSRB rules.

Rule Summary: Establishes professional qualification and continuing education requirements for, and specifies the number of supervisory personnel who must be associated with, dealers and municipal advisors.

Rule Summary: Prohibits dealers and their associated persons who have been the subject of certain disciplinary actions from qualifying under the MSRB’s professional qualification rules.

Rule Summary: Prohibits dealers and municipal advisors from effecting transactions in municipal securities or engaging in municipal advisory activities in violation of restrictions imposed by other regulatory bodies.

Rule Summary: Requires dealers that are members of a registered securities association to meet the fidelity bonding requirements set by the association, as a prerequisite to qualification for purposes of MSRB Rule G-2.

Rule Summary: Requires dealers to obtain information from their associated personnel concerning their qualifications to engage in municipal securities business and contemplates that this information will be filed with the appropriate regulatory agency.

Rule Summary: Requires dealers and municipal advisors to make and keep current certain specified records.

Rule Summary: Prescribes the periods of time that records must be preserved and requires that records be accessible for inspection by appropriate regulatory agencies.

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: Sets forth minimum scope and frequency of periodic compliance examinations of dealers by a registered securities association and bank regulators.

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: 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.