MSRB Rules to Know for the SIE Exam

If you’re looking to take the SIE exam, it’s important to know about the MSRB Rules. The MSRB is the Municipal Securities Rulemaking Board, and they are responsible for setting rules and regulations for the municipal securities market. There are a few key rules that you should be aware of before taking the SIE exam: G-11, G-32, and G-34. In this blog post, we will discuss each of these rules in detail and provide some tips on how to best prepare for them. Good luck on your SIE exam!

MSRB Rule G-11

MSRB Rule G-11 is one of the most important rules for anyone preparing for the SIE exam. This rule outlines primary offering practices, including such topics as underwriting and disclosure requirements, issuer obligations, and other related topics. To best prepare for this rule, it’s recommended that you study the different types of offerings that are permitted under G-11 and familiarize yourself with the specific disclosure requirements for each of these offerings. For example, G-11 outlines different disclosure requirements and restrictions for negotiated offerings, competitive offerings, and follow-on sales.

MSRB Rule G-32

MSRB Rule G-32 focuses on the disclosure requirements for primary offerings, including information such as a CUSIP number and new issue or market information. CUSIP number requirements are fairly straightforward, but it’s important to understand the different types of new issue information that may be required for a given offering. Additionally, you should have a good understanding of the types of market information that must be disclosed, such as historical trading prices and bid/ask spreads. To best prepare for this rule, you should spend some time studying the different types of disclosure requirements under G-32 and familiarizing yourself with the key requirements for each.

MSRB Rule G-34

Lastly, MSRB Rule G-34 covers CUSIP numbers and market information requirements. This rule is important to understand because it can affect how you trade or invest in municipal securities. To best prepare for this rule, you should focus on understanding the different types of information that need to be disclosed under G-34, as well as the key requirements for each type. For example, you may need to know the CUSIP number for a given municipal bond and how to find historic trading data for that bond or security. Additionally, it’s important to understand how changes in new issue or market information may impact the value or liquidity of a given security. With a strong understanding of these rules and others like them, you’ll be well prepared for the SIE exam and your career in the world of municipal securities.

These and many other topics will be covered on the SIE exam. Achievable offers free SIE practice exams to prepare you for the SIE Exam. Whether you’re just starting out your career in the municipal securities market or looking to advance your existing knowledge, it’s important to ensure that you have a strong understanding of the MSRB Rules and other key SIE exam topics. Good luck on your exam prep and your career in this exciting field!

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