On September 12, the MSRB issued an advisory on the potential applicability of MSRB rules to certain municipal finance transactions, known as “bank products“, which may entail securities transactions that trigger regulatory requirements. The advisory covers “bank loans” that could, depending on the nature of the transactions, be placements of municipal securities, as well as “direct purchases” by banks of securities that are later so significantly restructured that they may constitute primary offerings of securities. MSRB Release. MSRB Advisory.