The Municipal Securities Rulemaking Board, or MSRB, has received approval from the SEC to limit the size and nature of gifts given by municipal advisors in their professional capacity advising state and local governments. The new restrictions seek to address conflicts of interest that may arise from gift-giving in connection with municipal advisory activities. The SEC also approved extending to municipal advisors related recordkeeping requirements. The new regulations, which are effective May 6, 2016, largely conform to existing MSRB regulations on gifts and related recordkeeping for municipal securities dealers.