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MSRB Adopts New Rule on Gifts, Gratuities and Non-Cash Compensation

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November 20, 2015

Client Alert
The Municipal Securities Rulemaking Board recently adopted amendments to MSRB Rule G-20 on gifts, gratuities and non-cash compensation. Among other things, the amendments (1) extend the relevant provisions of Rule G-20 to gifts given in relation to the municipal advisory activities of a recipient’s employer, (2) consolidate and codify interpretive guidance, (3) extend the relevant provisions of Rule G-20 to municipal advisors and their associated persons and (4) add a new provision to prohibit reimbursement for entertainment expenses from offering proceeds. The rule changes become effective on May 6, 2016. 

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