Federal Register: Comments Requested for MSRB Rule Proposal on Advertising

The SEC request for comments concerning an MSRB proposal that would affect advertising by municipal advisors and municipal securities dealers was published in the Federal Register. Comments must be submitted by February 28, 2018.

As previously covered, the proposed amendments to MSRB Rule G-21, applicable to dealers, are intended to conform the MSRB advertising rule for dealers to similar rules of other regulators. New MSRB Rule G-40 would (i) apply to all "advertisements" by a municipal advisor, (ii) define the terms "advertisement" and "form letter" and set forth the general standards and content standards for advertisements, and (iii) require approval by a principal, in writing, before the first use of an advertisement.