Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Consisting of Amendments to MSRB Rule G-28, on Transactions With Employees and Partners of Other Municipal Securities Professionals, To Harmonize and Better Align With FINRA Rule 3210, on Accounts at Other Broker-Dealers and Financial Institutions
Published Date: 6/30/2026
Notice
Summary
The MSRB is updating Rule G-28 to match FINRA’s Rule 3210, making rules clearer for brokers and dealers about accounts they or their partners have at other firms. Now, employees must get written permission from their employer before opening or having interest in these accounts, and they must notify the other firms about their employer ties. These changes take effect immediately and help keep things fair and transparent in municipal securities trading.
Analyzed Economic Effects
5 provisions identified: 0 benefits, 4 costs, 1 mixed.
Rule now covers beneficial‑interest and non‑dealer accounts
The rule is expanded to cover accounts in which an associated person has a "beneficial interest" (including accounts of a spouse or a child living with or financially dependent on the associated person, accounts the person controls, or accounts the person materially supports) and to accounts at financial institutions other than dealers (for example, investment advisers, banks, insurance companies, trust companies, credit unions, and investment companies).
Employees must get employer consent
If you are an employee, partner, officer, director, branch manager, or similar associated person of a municipal securities dealer, you must obtain prior written consent from your employer before opening or establishing an account at another executing dealer or other financial institution, and you must provide written notice to that executing dealer or financial institution of your association. These rules become operative on September 16, 2026, though firms may comply earlier.
Pre-existing accounts require 30‑day consent
If you already had an account before becoming associated with a dealer, you must, within 30 days of that association, (1) get written consent from your employer to maintain the account and (2) notify the executing dealer or other financial institution in writing of your association. This 30-day rule is set out in proposed Supplementary Material .01.
Confirmations sent only on request; firms encouraged to cooperate
Executing dealers will no longer automatically send duplicate trade confirmations and account statements to employer dealers; instead, employer dealers must request duplicate confirmations, account statements, or transactional data when needed. The rule keeps the existing obligation that executing dealers follow written instructions from employer dealers, and it encourages other financial institutions to honor employer dealer requests for data though such institutions are not subject to MSRB rules.
Estimated compliance costs for dealers
The MSRB estimates one-time upfront compliance costs for dealers of approximately $3,839 to revise policies and procedures, and ongoing estimated costs of about $393 annually per employee with an account at another firm and approximately $610 for each instance of a director reviewing and approving a request to open or maintain such an account.
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