MSRB Rules for Municipal Securities Activities Updated

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Page Guide Expanded Compact
| Number | Name | Status | Rule Category | Regulated Entity |
| --- | --- | --- | --- | --- |
| Rule G-1 | Separately Identifiable Department or Division of a Bank | | Regulated Entity Administration | Dealers, Municipal Advisors, Bank Dealers |
| Rule G-2 | Standards of Professional Qualification | | Professional Qualification | Dealers, Municipal Advisors, Bank Dealers |
| Rule G-3 | Professional Qualification Requirements | | Professional Qualification | Dealers, Municipal Advisors, Bank Dealers, Municipal Fund Securities |
| Rule G-4 | Statutory Disqualifications | | Professional Qualification | Dealers, Bank Dealers |
| Rule G-5 | Disciplinary Actions by Appropriate Regulatory Agencies; Remedial Notices by Registered Securities Associations | | Professional Qualification | Dealers, Municipal Advisors, Bank Dealers |
| Rule G-6 | Fidelity Bonding Requirements | | Regulated Entity Administration | Dealers |
| Rule G-7 | Information Concerning Associated Persons | | Regulated Entity Administration | Dealers, Bank Dealers |
| Rule G-8 | Books and Records to be Made by Brokers, Dealers, and Municipal Securities Dealers and Municipal Advisors | | Regulated Entity Administration | Dealers, Municipal Advisors, Bank Dealers, Municipal Fund Securities |
| Rule G-9 | Preservation of Records | | Regulated Entity Administration | Dealers, Municipal Advisors, Bank Dealers |
| Rule G-10 | Investor and Municipal Advisory Client Education and Protection | | Fair Practice | Dealers, Municipal Advisors, Bank Dealers, Municipal Fund Securities |
| Rule G-11 | Primary Offering Practices | | Fair Practice | Dealers, Bank Dealers |
| Rule G-12 | Uniform Practice | | | Dealers, Bank Dealers |
| Rule G-13 | Quotations Relating to Municipal Securities | | Fair Practice | Dealers, Bank Dealers |
| Rule G-14 | Reports of Sales or Purchases | | Market Transparency | Dealers, Bank Dealers |
| Rule G-15 | Confirmation, Clearance, Settlement and Other Uniform Practice Requirements with Respect to Transactions with Customers | | Uniform Practice | Dealers, Bank Dealers, Municipal Fund Securities |
| Rule G-16 | Periodic Compliance Examination | | Regulated Entity Administration | Dealers, Bank Dealers |
| Rule G-17 | Conduct of Municipal Securities and Municipal Advisory Activities | | Fair Practice | Dealers, Municipal Advisors, Bank Dealers, Municipal Fund Securities |
| Rule G-18 | Best Execution | | Fair Practice | Dealers, Bank Dealers |
| Rule G-19 | Suitability of Recommendations and Transactions | | Fair Practice | Dealers, Bank Dealers, Municipal Fund Securities |
| Rule G-20 | Gifts, Gratuities, Non-Cash Compensation and Expenses of Issuance | | | Dealers, Municipal Advisors, Bank Dealers |
| Rule G-21 | Advertising by Brokers, Dealers or Municipal Securities Dealers | | Fair Practice | Dealers, Bank Dealers, Municipal Fund Securities |
| Rule G-22 | Control Relationships | | Fair Practice | Dealers, Bank Dealers |
| Rule G-23 | Activities of Financial Advisors | | Fair Practice | Dealers, Municipal Advisors, Bank Dealers |
| Rule G-24 | Use of Ownership Information Obtained in Fiduciary or Agency Capacity | | Fair Practice | Dealers, Bank Dealers |
| Rule G-25 | Improper Use of Assets | | Fair Practice | Dealers, Bank Dealers |
| Rule G-26 | Customer Account Transfers | | Uniform Practice | Dealers, Bank Dealers, Municipal Fund Securities |
| Rule G-27 | Supervision | | Regulated Entity Administration | Dealers, Bank Dealers, Municipal Fund Securities |
| Rule G-28 | Transactions with Employees and Partners of Other Municipal Securities Professionals | | Uniform Practice | Dealers, Bank Dealers, Municipal Fund Securities |
| Rule G-29 | Rule G-29 Reserved | | | |
| Rule G-30 | Prices and Commissions | | Fair Practice | Dealers, Bank Dealers, Municipal Fund Securities |
| Rule G-31 | Reciprocal Dealings with Municipal Securities Investment Companies | | Fair Practice | Dealers, Bank Dealers |
| Rule G-32 | Disclosures In Connection With Primary Offerings | | Market Transparency | Dealers, Bank Dealers, Municipal Fund Securities |
| Rule G-33 | Calculations | | Uniform Practice | Dealers, Bank Dealers |
| Rule G-34 | CUSIP Numbers, New Issue, and Market Information Requirements | | Market Transparency | Dealers, Municipal Advisors, Bank Dealers |
| Rule G-35 | Arbitration | | | Dealers, Bank Dealers |
| Rule G-36 | Rule G-36-Reserved | | | |
| Rule G-37 | Political Contributions and Prohibitions on Municipal Securities Business and Municipal Advisory Business | | Fair Practice | Dealers, Municipal Advisors, Bank Dealers, Municipal Fund Securities |
| Rule G-38 | Solicitation of Municipal Securities Business | | | Dealers, Bank Dealers |
| Rule G-39 | Telemarketing | | Fair Practice | Dealers, Bank Dealers, Municipal Fund Securities |
| Rule G-40 | Advertising by Municipal Advisors | | Fair Practice | Municipal Advisors, Municipal Fund Securities |
| Rule G-41 | Anti-Money Laundering Compliance Program | | | Dealers, Bank Dealers |
| Rule G-42 | Duties of Non-Solicitor Municipal Advisors | | Fair Practice | Municipal Advisors, Municipal Fund Securities |
| Rule G-43 | Broker’s Brokers | | Fair Practice | Dealers, Bank Dealers |
| Rule G-44 | Supervisory and Compliance Obligations of Municipal Advisors | | Regulated Entity Administration | Municipal Advisors, Municipal Fund Securities |
| Rule G-45 | Reporting of Information on Municipal Fund Securities | | Fair Practice | Dealers, Bank Dealers, Municipal Fund Securities |
| Rule G-46 | Duties of Solicitor Municipal Advisors | | Fair Practice | Municipal Advisors, General Public, Issuers |
| Rule G-47 | Time of Trade Disclosure | | Fair Practice | Dealers, Bank Dealers, Municipal Fund Securities |
| Rule G-48 | Transactions with Sophisticated Municipal Market Professionals | | Fair Practice | Dealers, Bank Dealers |
Rule G-1 Last Updated:

02/26/2015

Separately Identifiable Department or Division of a Bank

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

Rule for: Dealers, Municipal Advisors, Bank Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-1) Rule G-2 Last Updated:

02/26/2015

Standards of Professional Qualification

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 for: Dealers, Municipal Advisors, Bank Dealers

Status: View rule Compliance Resource (11/19/2025)

Steps for Registering as a Municipal Advisor

View Resource [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-2) Rule G-3 Last Updated:

10/12/2023

Professional Qualification Requirements

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 for: Dealers, Municipal Advisors, Bank Dealers, Municipal Fund Securities

Status: View rule Compliance Resource (11/19/2025)

Steps for Registering as a Municipal Advisor

View Resource [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-3) Rule G-4 Last Updated:

08/07/1991

Statutory Disqualifications

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 for: Dealers, Bank Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-4) Rule G-5 Last Updated:

12/22/2010

Disciplinary Actions by Appropriate Regulatory Agencies; Remedial Notices by Registered Securities Associations

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 for: Dealers, Municipal Advisors, Bank Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-5) Rule G-6 Last Updated:

06/15/1999

Fidelity Bonding Requirements

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 for: Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-6) Rule G-7 Last Updated:

08/01/2014

Information Concerning Associated Persons

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 for: Dealers, Bank Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-7) Rule G-8 Last Updated:

03/01/2024

Books and Records to be Made by Brokers, Dealers, and Municipal Securities Dealers and Municipal Advisors

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

Rule for: Dealers, Municipal Advisors, Bank Dealers, Municipal Fund Securities

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-8) Rule G-9 Last Updated:

06/25/2020

Preservation of 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 for: Dealers, Municipal Advisors, Bank Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-9) Rule G-10 Last Updated:

10/05/2021

Investor and Municipal Advisory Client Education and Protection

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

Rule for: Dealers, Municipal Advisors, Bank Dealers, Municipal Fund Securities

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-10) Rule G-11 Last Updated:

06/27/2019

Primary Offering Practices

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 for: Dealers, Bank Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-11) Rule G-12 Last Updated:

10/01/2025

Uniform Practice

Rule Summary: Establishes uniform industry practices for the processing, clearance and settlement of transactions between dealers in municipal securities.

Rule for: Dealers, Bank Dealers

Status: View rule SEC Filing (06/10/2025)

Proposed Rule Change to Amend Rule G-14 RTRS Procedures under MSRB Rule G-14 Regarding the Timing of Reporting Transactions in Municipal Securities to the MSRB and to Make a Related Amendment to Rule G-12

View SEC Filing Notice (09/17/2025)

SEC Approves Amendments to MSRB Rule G-14 on Reporting of Transaction Prices

View Notice [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-12) Rule G-13 Last Updated:

06/15/1999

Quotations Relating to Municipal Securities

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 for: Dealers, Bank Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-13) Rule G-14 Last Updated:

10/01/2025

Reports of Sales or Purchases

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 for: Dealers, Bank Dealers

Status: View rule Guidance (09/05/2025)

Applicability of Trade Reporting for Certain Allocations to Customer Accounts By Dually-Registered Broker-Dealers/Investment Advisers

View Guidance SEC Filing (06/10/2025)

Proposed Rule Change to Amend Rule G-14 RTRS Procedures under MSRB Rule G-14 Regarding the Timing of Reporting Transactions in Municipal Securities to the MSRB and to Make a Related Amendment to Rule G-12

View SEC Filing Notice (09/17/2025)

SEC Approves Amendments to MSRB Rule G-14 on Reporting of Transaction Prices

View Notice [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-14) Rule G-15 Last Updated:

05/28/2024

Confirmation, Clearance, Settlement and Other Uniform Practice Requirements with Respect to Transactions with Customers

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 for: Dealers, Bank Dealers, Municipal Fund Securities

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-15) Rule G-16 Last Updated:

12/09/2020

Periodic Compliance Examination

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

Rule for: Dealers, Bank Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-16) Rule G-17 Last Updated:

11/06/2019

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.

Rule for: Dealers, Municipal Advisors, Bank Dealers, Municipal Fund Securities

Status: View rule Request for Comment (12/11/2024)

Concept Release: MSRB Requests Comment on Potential Modernization of Municipal Fund Securities Disclosure Obligations

View Notice Guidance (03/03/2025)

Time of Trade Disclosures in Inter-Dealer Transactions

View Guidance [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-17) Rule G-18 Last Updated:

09/17/2015

Best Execution

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 for: Dealers, Bank Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-18) Rule G-19 Last Updated:

06/25/2020

Suitability of Recommendations and Transactions

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

Rule for: Dealers, Bank Dealers, Municipal Fund Securities

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-19) Rule G-20 Last Updated:

06/25/2020

Gifts, Gratuities, Non-Cash Compensation and Expenses of Issuance

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.

Rule for: Dealers, Municipal Advisors, Bank Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-20) Rule G-21 Last Updated:

06/28/2019

Advertising by Brokers, Dealers or Municipal Securities Dealers

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 for: Dealers, Bank Dealers, Municipal Fund Securities

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-21) Rule G-22 Last Updated:

No amendment history

Control Relationships

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 for: Dealers, Bank Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-22) Rule G-23 Last Updated:

05/27/2011

Activities of Financial Advisors

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 for: Dealers, Municipal Advisors, Bank Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-23) Rule G-24 Last Updated:

No amendment history

Use of Ownership Information Obtained in Fiduciary or Agency Capacity

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 for: Dealers, Bank Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-24) Rule G-25 Last Updated:

09/19/1983

Improper Use of Assets

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 for: Dealers, Bank Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-25) Rule G-26 Last Updated:

04/22/2019

Customer Account Transfers

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

Rule for: Dealers, Bank Dealers, Municipal Fund Securities

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-26) Rule G-27 Last Updated:

07/01/2024

Supervision

Rule Summary: Outlines requirements for a dealer’s supervision of personnel engaged in activities involving municipal securities activities.

Rule for: Dealers, Bank Dealers, Municipal Fund Securities

Status: View rule Request for Comment (01/14/2026)

Request for Comment on MSRB Rule G-27 on Dealer Supervision

View Notice [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-27) Rule G-28 Last Updated:

02/24/2003

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.

Rule for: Dealers, Bank Dealers, Municipal Fund Securities

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-28) Rule G-29 Last Updated:

No amendment history

Rule G-29 Reserved

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-29) Rule G-30 Last Updated:

11/17/2016

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.

Rule for: Dealers, Bank Dealers, Municipal Fund Securities

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-30) Rule G-31 Last Updated:

No amendment history

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.

Rule for: Dealers, Bank Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-31) Rule G-32 Last Updated:

02/22/2021

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.

Rule for: Dealers, Bank Dealers, Municipal Fund Securities

Status: View rule Request for Comment (12/11/2024)

Concept Release: MSRB Requests Comment on Potential Modernization of Municipal Fund Securities Disclosure Obligations

View Notice [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-32) Rule G-33 Last Updated:

03/08/2016

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.

Rule for: Dealers, Bank Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-33) Rule G-34 Last Updated:

12/14/2017

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.

Rule for: Dealers, Municipal Advisors, Bank Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-34) Rule G-35 Last Updated:

04/22/2019

Arbitration

Rule Summary: Subjects bank dealers to arbitration program.

Rule for: Dealers, Bank Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-35) Rule G-36 Last Updated:

No amendment history

Rule G-36-Reserved

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-36) Rule G-37 Last Updated:

08/04/2016

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.

Rule for: Dealers, Municipal Advisors, Bank Dealers, Municipal Fund Securities

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-37) Rule G-38 Last Updated:

04/22/2019

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.

Rule for: Dealers, Bank Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-38) Rule G-39 Last Updated:

05/24/2013

Telemarketing

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

Rule for: Dealers, Bank Dealers, Municipal Fund Securities

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-39) Rule G-40 Last Updated:

07/03/2023

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.

Rule for: Municipal Advisors, Municipal Fund Securities

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-40) Rule G-41 Last Updated:

04/22/2019

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.

Rule for: Dealers, Bank Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-41) Rule G-42 Last Updated:

05/07/2018

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).

Rule for: Municipal Advisors, Municipal Fund Securities

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-42) Rule G-43 Last Updated:

06/22/2012

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.

Rule for: Dealers, Bank Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-43) Rule G-44 Last Updated:

04/20/2020

Supervisory and Compliance Obligations of Municipal Advisors

Rule Summary: Establishes supervisory and compliance obligations of municipal advisors when engaging in municipal advisory activities.

Rule for: Municipal Advisors, Municipal Fund Securities

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-44) Rule G-45 Last Updated:

04/22/2019

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.

Rule for: Dealers, Bank Dealers, Municipal Fund Securities

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-45) Rule G-46 Last Updated:

03/01/2024

Duties of Solicitor Municipal Advisors

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 for: Municipal Advisors, General Public, Issuers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-46) Rule G-47 Last Updated:

03/03/2025

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.

Rule for: Dealers, Bank Dealers, Municipal Fund Securities

Status: View rule Request for Comment (12/11/2024)

Concept Release: MSRB Requests Comment on Potential Modernization of Municipal Fund Securities Disclosure Obligations

View Notice Guidance (03/03/2025)

Time of Trade Disclosures in Inter-Dealer Transactions

View Guidance [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-47) Rule G-48 Last Updated:

10/05/2021

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.

Rule for: Dealers, Bank Dealers

Status: View rule [Share](https://www.msrb.org%2520(/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-48)