The MSRB published FAQs relating to the use of municipal advisory client lists and case studies. The MSRB also requested comment on a draft compliance resource on the use of advertisements by municipal advisors.

The FAQs address permissible uses of municipal advisory client lists and case studies under MSRB Rule G-40 and the potential application of certain other MSRB rules. Following feedback from firms, the MSRB (i) added further "straightforward" examples of the use of a municipal advisory client list or case study to its original guidance, (ii) clarified that a document is considered an advertisement under Rule G-40 based on the document as a whole and not its constituent parts, and (iii) provided additional guidance on the use of "pitch" books and tombstones.

The draft compliance resource illustrates the application of content standards on advertising by municipal advisors under Rule G-40. The draft resource includes six mock advertisements of different types: a general print advertisement, a conference brochure, two firm websites, an email to municipal advisory clients and an email to CFOs attending a conference. Comments on the draft resource must be submitted by October 17, 2018.

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