On September 2, the Municipal Securities Rulemaking Board (MSRB) requested approval from the Securities and Exchange Commission (SEC) for amendments to MSRB Rule G-20, a conflict-of-interest rule concerning gifts and gratuities. The proposed amendments include limiting gifts to $100 for municipal advisors giving gifts to employees of entities engaged in municipal securities activities. The new rules for municipal advisors also would prohibit receiving reimbursement of entertainment expenses from the proceeds of an offering of municipal securities.

“Amending the MSRB’s existing gifts rule would ensure common standards for dealers and municipal advisors that all operate in the municipal securities market,” said MSRB Executive Director Lynnette Kelly in a press release.