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Expanded Compact
Number Name Status Rule Category Regulated Entity
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-14 Reports of Sales or Purchases
Market Transparency Dealers, Bank Dealers
Rule G-32 Disclosures In Connection With Primary Offerings Market Transparency Dealers, Bank Dealers, Municipal Fund Securities
Rule G-34 CUSIP Numbers, New Issue, and Market Information Requirements Market Transparency Dealers, Municipal Advisors, Bank Dealers
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:
Notice
SEC Approves Amended MSRB Rule G-3 Creating an Exemption for Municipal Advisor Representatives from Requalification by Examination and Related Amendments to MSRB Rule G-8
View Notice
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:
SEC Filing
Proposed Rule Change to Amend MSRB Rule G-3 to Create an Exemption for Municipal Advisor Representatives from Requalification by Examination and Remove Waiver Provisions and to Amend MSRB Rule G-8 to Establish Related Books and Records Requirements [Refiled to make technical changes, original filed on July 17, 2023]
View SEC Filing
Notice
SEC Approves Amended MSRB Rule G-3 Creating an Exemption for Municipal Advisor Representatives from Requalification by Examination and Related Amendments to MSRB Rule G-8
View Notice
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:
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:
Rule G-14
Last Updated: 03/14/2016
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:
Request for Comment
Request for Comment on Transaction Reporting Obligations under MSRB Rule G-14
View Notice
SEC Filing
Proposed Rule Change to Amend the MSRB’s Real-Time Transaction Reporting System and Price Dissemination Information Facility to Retire the Transmission Control Protocol Secure Socket Connection
View SEC Filing
SEC Filing
Proposed Rule Change to Amend MSRB Rule G-14 to Shorten the Timeframe for Reporting Trades in Municipal Securities to the MSRB
View SEC Filing
Notice
SEC Approves Amendments to MSRB Rule G‐14 to Shorten Timeframe for Reporting Transactions in Municipal Securities
View Notice
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:
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: