The MSRB updated its guidance on the gifts and gratuities limitations under Rule G-20 ("Gifts, Gratuities, Non-Cash Compensation and Expenses of Issuance"). According to the new resource, "the rule protects against improprieties and conflicts of interest that may arise when regulated entities or their associated persons give gifts or gratuities in relation to the municipal securities or municipal advisory activities of the recipients’ employers."
Additional FAQs explain:
the rule's $100 gift limit;
exclusions from the $100 gift limit, including promotional items that are of nominal value, personal gifts and gifts that qualify as "normal business dealings";
how regulated entities should monitor certain expenses that may fall under the limitation on gifts and gratuities; and
other applicable rules on gift giving.