The Municipal Securities Rulemaking Board (MSRB) is seeking to create a rule 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.

In a press release, MSRB Executive Director Lynnette Kelly said, “Restrictions on excessive gift-giving by municipal finance professionals are critical to ensuring that important state and local financing decisions are based on merit.” Comments on the new rules are being accepted through December 8, 2014.