Reminder of Effective Date of New Interpretive Notice Concerning the Application of MSRB Rule G-17 to Underwriters of Municipal Securities
The Municipal Securities Rulemaking Board (“MSRB”) reminds brokers, dealers, and municipal securities dealers (“dealers”) that the MSRB’s new interpretive notice on the application of MSRB Rule G-17 to underwriters of municipal securities becomes effective on August 2, 2012.[1] The new interpretive notice describes the fair practice duties of dealers owed to issuers of municipal securities when acting as underwriters for issuers’ new issues of municipal securities. For the text of the new interpretive notice and guidance on implementation by underwriters, see MSRB Notice 2012-38 (July 18, 2012).
August 2, 2012
[1] See SEC Release No. 34-66927 (May 4, 2012); 77 FR 27509 (May 10, 2012). See also MSRB Notice 2012-25 (May 7, 2012).