(a) For purposes of this Rule, the terms "exempted securities" and "municipal securities" shall have the meanings specified in Sections 3(a)(12) and 3(a)(29) of the Exchange Act, respectively.

(b) The Rules are not intended to be, and shall not be construed as, rules concerning transactions in municipal securities.

(c) Unless otherwise indicated within a particular Rule, the following rules are applicable to transactions in, and business activities relating to, exempt

(a) The Rules shall apply to all members and persons associated with a member. Persons associated with a member shall have the same duties and obligations as a member under the Rules.

(b) A member or person associated with a member, who has been expelled, canceled or revoked from membership or from registration, or who has been barred from being associated with all members, shall cease to have any privileges of membership or registration.

The Rules shall be interpreted in light of the purposes sought to be achieved by the Rules and to further FINRA's regulatory programs.

The Rules shall become effective as provided in Article XI, Section 1, of the FINRA By-Laws.

The Rules are adopted pursuant to Article VII, Section 1, of the FINRA By-Laws.