Compliance Corner: Spring
Compliance date set for more data from underwriters
The Municipal Securities Rulemaking Board set a compliance date of Nov. 30, , for an amendment requiring additional data from underwriters in the primary market.
Starting then, underwriters will be required to provide more information about new offerings of bonds. The change is in association with Rule G on disclosures in connection with primary offerings, which was amended to require additional data about new issue bonds to be included on Form G
The new amendment will ultimately increase transparency and equal access to information, the MSRB has said.
The Securities and Exchange Commission approved the amendments to Rule G along with changes to Rule G on primary offering practices in June.
Form G is submitted to the MSRB by underwriters and provides information about a new issuance, such as the underwriting spread, maturity date, initial offering price, minimum denomination and more.
Most of the data would be auto-populated from the New Issuer Information Dissemination Service (NIIDS) onto Form G
The NIIDS system, developed by the Depository Trust Company at the Securities Industry and Financial Markets Association’s request, collects information about a new muni issue from underwriters or their representatives in an electronic format and then makes that data immediately available to vendors that provide such information to market participants.
Nine data fields would be manually completed by underwriters such as identifying syndicate managers, identifying municipal advisors and more.
The MSRB also asked dealers to provide the minimum denomination of a new issue and to indicate yes or no on whether a minimum denomination is subject to change, which Bond Dealers of America supported.
However, BDA has opposed identifying the MA, and said the information was obtainable from the final official statement.
The MSRB plans to make the amended Form G available by early summer.
Via Email to [emailprotected]
Securities and Exchange Commission
F Street NE
Re: File No. SR-MSRB (Release No. )
Dear Ms. Countryman,
The Securities Industry and Financial Markets Association (“SIFMA”)1 appreciates this opportunity to comment on the Municipal Securities Rulemaking Board’s (“MSRB”) Notice of Filing of a Proposed Rule Change to Amend Rules G and G and Form G Regarding a Collection of Data Elements Provided in Electronic Format to the EMMA Dataport System in Connection With Primary Offerings (the “proposed rules” or the “MSRB proposal”).2 The MSRB proposal results from a retrospective review of primary market offering practices in the municipal securities market initiated by the MSRB over two years ago.3 We support the MSRB’s commitment to engaging in a retrospective review of its rules to ensure that they are responsive to changes in the municipal securities market and in the policymaking, economic, stakeholder, and technological environment.
SIFMA has appreciated the opportunity to provide input as the MSRB considered changes to the rules governing primary market offering practices.4 We also appreciate that the MSRB, recognizing that many current market practices have been effective, incorporated our input into the current proposal. For example, we support the Rule G amendment requiring senior syndicate manager to communicate, at the same time, to all syndicate and selling group members when the issue is free to trade. As we have said before, a standardized process for issuing a free to trade wire is consistent with the MSRB’s original intent behind Rule G and does not significantly burden senior syndicate managers because wire communications are already standard market practice. Our comments below focus primarily on the role the MSRB can play to ensure a successful and least burdensome implementation of the final rules.
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