The MSRB last week proposed an extension of its gift-limitations Rule G-20 to encompass municipal advisors. The Proposed Rule generally limits gifts in relation to municipal securities or advisory services to $100 per year. The limit excludes normal-course (not excessive) business entertainment or sponsorships, transaction commemoratives, or personal gifts (e.g. birthdays, weddings).

Comments on the G-20 proposal are due by December 8 and the MSRB will hold a webinar on the release November 13.

See MSRB Reg. Not. 2014-18, here.

The MSRB also has proposed amendments extending its pay-to-play prohibitions in Rule G-37 to municipal advisors. The G-37 proposal (Reg. Not. 2014-15) is here.