New Rule Proposal: Advertising Rules for Municipal Advisors and Dealers

The MSRB proposes new Rule G-40 for Municipal Advisor (MA) advertising requirements.  The MSRB also proposes amendments to MSRB Rule G-21 on dealer advertising requirements.

“Rule G-40 would be substantially similar to the amended Rule G-21 but would have specific language altered to align with MA practices and would not address product advertisements, new issue product advertisements, and municipal fund security product advertisements because the MSRB said it does not think MAs prepare those.” – Bond Buyer 2/17/17

“The amendments to Rule G-21 would make explicit and enhance many of the MSRB’s fair dealing obligations by mandating six requirements be met, including that an advertisement be fair and balanced as well as provide a sound basis for evaluating the municipal security. They also would require that an advertisement provide a balanced treatment of the benefits and risks associated with a municipal security.” – Bond Buyer 2/17/17