# 2026-12526: Municipal Bond Dealers Get Clearer Confirmation Rules

2026-12526, Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Order Granting Approval of a Proposed Rule Change To Amend MSRB Rule G-12(c) To Codify and Retire or Revise Certain Existing Interpretive Guidance on Confirmation Requirements for Those Inter-Dealer Municipal Securities Transactions That are Ineligible for Automated Comparison, is a Federal Register notice from Securities and Exchange Commission published 2026-06-23; PRIA reads it as touching household money (as of 2026-06-30).

- Canonical: https://policyrisk.com/federal-register/2026-12526
- As of: 2026-06-30
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-12526
- Title: Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Order Granting Approval of a Proposed Rule Change To Amend MSRB Rule G-12(c) To Codify and Retire or Revise Certain Existing Interpretive Guidance on Confirmation Requirements for Those Inter-Dealer Municipal Securities Transactions That are Ineligible for Automated Comparison
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 37480
- Published: 2026-06-23
- Effective: unknown
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-30

## In one line

Municipal Bond Dealers Get Clearer Confirmation Rules

## Summary

The Municipal Securities Rulemaking Board (MSRB) is updating Rule G-12 to simplify and clarify how dealers confirm certain municipal securities trades that can’t be checked automatically. This change affects brokers and dealers by retiring old confusing guidance and making the rules clearer. The new rules will kick in within a year, with no extra costs expected.

## Effects PRIA read

- Dealers: Confirmation Rules Clarified: benefit, low. If you are a broker or dealer, Rule G-12(c) has been amended to put existing interpretive guidance into the rule and to retire or revise old guidance for inter-dealer municipal securities trades that are ineligible for automated comparison. The change explicitly covers inter-dealer trades in digita…
- Specific Confirmation Info Standardized: benefit, medium. The amended Rule G-12(c) lists the exact information required on inter-dealer confirmations, including confirming party contact info, contra party identification, purchase/sale designation, par value (or maturity value for zero coupon), trade date, settlement date, yield and dollar price computed p…
- Some Descriptive Disclosures Removed: benefit, low. The amendment removes certain descriptive confirmation requirements from Rule G-12(c) for inter-dealer trades, including credit backing, features of securities, status of securities, and tax information. The MSRB noted that dealers remain subject to other MSRB rules for obligations that are not par…
- No New Requirements or Extra Costs: benefit, low. The MSRB and the SEC stated that the amended Rule G-12(c) would not impose any new requirements, would eliminate obsolete or superfluous requirements, and that no extra costs are expected. The Commission also found the change would apply equally to all dealers subject to Rule G-12(c).
- Implementation Timing and Guidance Retirement: mixed, low. The MSRB will publish a regulatory notice listing the interpretive guidance items being retired or revised no later than 90 days after the SEC approval, and the rule's effective date will occur no later than one year after approval. The retirement and revision of related interpretive guidance will…

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## Sources
- [2026-12526 on federalregister.gov](https://www.federalregister.gov/documents/2026/06/23/2026-12526/self-regulatory-organizations-municipal-securities-rulemaking-board-order-granting-approval-of-a)
- [2026-12526 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-06-23/pdf/2026-12526.pdf)

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- [Next: 2026-12527, Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate…](https://policyrisk.com/federal-register/2026-12527)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-12526 (as of 2026-06-30).