On May 6th, the Municipal Securities Rulemaking Board (MSRB) released a correction to its April 23rd request for public review and comment related to draft amendments to MSRB Rules G-1, G-3, G-20, G-23, and G-37. The rules are intended to retire the term “financial advisor” from several MSRB rules as part of its Municipal Advisor Retrospective Rule Review. The correction specifically addresses two issues in the draft amendments to Rule G‑23 that appeared in the earlier notice, but all other sections of the April 23rd notice remain unchanged.
Changes to the rule introduce the following corrections:
- Rule G-23(c): an unintended reference to “financial advisory services” is replaced with the updated term “new issue municipal advisory services.”
- Rule G-23(f): language that refers to state or local laws that apply to “financial advisors” is revised to reference “municipal advisors.” (While MSRB staff updated the terms to avoid potential confusion, some state laws still use the original terms.)
To view the revised draft amendments, please see the latest MSRB notice on the MSRB’s site.
The MSRB welcomes feedback from municipal advisors, issuers, dealers, and other market participants through July 20, 2026.
Source:
MSRB Notice (msrb.org)
