Rule G-11. social media advertising. Background In May, the SEC approved the MSRB's proposed Rule G-40, on advertising by municipal advisors, and amendments to MSRB Rule G-21, on advertising by municipal securities, despite opposition from almost all broker-dealer groups. View the approval notice. Proposal to Amend MSRB Rules G-8, G-11 & G-32 - SIFMA MSRB Establishes New Effective Date for Advertising Rules ... MSRB Report Cards | FINRA.org MSRB Rule G-27 requires that a firm's supervisory procedures provide for the regular and frequent review and approval by a designated principal of customer accounts introduced or carried by the dealer in which transactions in municipal securities are effected, with such review being designed to ensure that transactions are in accordance with all applicable rules and to detect and prevent . Rule G-46 itself, rather than incorporating such provisions into the MSRB's books and records rule, Rule G-8. MSRB Rules Flashcards | Quizlet In 2017, the MSRB amended Rule G-10 with the goal of, among other things, modernizing the rule and extend the rule's application to municipal advisors. MSRB Rule G-11 - Primary Offering Practices Municipal Securities | FINRA.org 9 This information includes . [5] The MSRB notes that an underwriter has a duty of fair dealing to investors in addition to its duty of fair dealing to . The SEC approved amendments to Rule G-10. Email. The MSRB adopted Rule G-26 in 1986 as part of an industry-wide . MSRB Rule G-17 has been interpreted by the MSRB as requiring a broker or dealer ("broker") to disclose to its customer, at or prior to the time of trade of a municipal security, all material information about the transaction known by the broker, as well as material information about the security that is reasonably accessible to the market. 2 The 9 On February 15, 2005, the Municipal Securities Rulemaking Board (MSRB) proposed an amendment to Rule G-37, which restricts certain political contributions made by individuals and firms within the municipal securities industry. May 28, 2019. The MSRB proposes to take a similar approach with respect to any future MSRB rules or rule amendments with the goal of eventually including the books and records obligations applicable to each MSRB rule in the text of each rule itself. 19. 15 7/28/2021 - Letter to MSRB Requesting S54 Online Availability and Extending Compliance Deadline 6/17/2021 - Comment Letter to MSRB on Proposed G-46/Solicitor MAs 1/11/2021 - Letter to MSRB on its Strategic Planning Initiatives 2020 7/15/2020 - Letter to MSRB on Rule A-3 4/29/2020 - Letter to MSRB on Proposed Changes to Rule A-3 Federal Register 2.0 is the unofficial daily publication for rules, proposed rules, and notices of Federal agencies and organizations, as well as executive orders and other presidential documents. The MSRB requests an effective date for the proposed rule change of 60 days following the date of SEC approval. MSRB Rule G-32(a) requires firms to provide customers with an official statement (or a notice explaining how the OS may be obtained from the EMMA Web site) if a municipal transaction occurs within the primary offering disclosure period, as defined in Rule G-32(d)(ix). On September 2, 2016, the Municipal Securities Rulemaking Board ("MSRB") filed with the Securities and Exchange Commission ("Commission"), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 ("Act") [] and Rule 19b-4 thereunder, [] a proposed rule change to amend MSRB Rule G-15 ("Rule G-15 . MSRB Rule G-21 was amended in 2019 to include: personal obligations. . 34-70990 (December 5, 2013), 78 FR 75398 (December 11, 2013); MSRB Notice 2013-21 (December 10, 2013) Release No. Among other modifications , the amendments to Rule G-11 require senior syndicate managers to provide The MSRB began an initiative to consider revisions to Rule G-26 as a result of a broader retrospective review of its uniform practice rules. AddThis. 34-86219 (June 27, 2019), 84 FR 31961 (July 3, 2019); MSRB Notice 2019-15 (June 28, 2019) Release No. 26 Id. A self-regulatory organization (SRO) subject to the oversight of the SEC that regulates persons and firms . 1, Consisting of Proposed Amendments to MSRB Rule G-11 and MSRB Rule G-32 and Form G-32 Regarding a Collection of Data Elements Provided in Electronic Format to the EMMA Dataport System in Connection with Primary . 7/28/2021 - Letter to MSRB Requesting S54 Online Availability and Extending Compliance Deadline 6/17/2021 - Comment Letter to MSRB on Proposed G-46/Solicitor MAs 1/11/2021 - Letter to MSRB on its Strategic Planning Initiatives 2020 7/15/2020 - Letter to MSRB on Rule A-3 4/29/2020 - Letter to MSRB on Proposed Changes to Rule A-3 In short, MSRB Rule G-11 will now: Require the senior syndicate manager in an underwriting of municipal securities to disseminate the free-to-trade information to all syndicate and selling group members at the same time. For the proposed amendments to Rule G-11, the MSRB requested that the amendments become effective for new issues of municipal securities for which the Time of Formal Award (as defined in Rule G-34(a)(ii)(C)(1)(a)) is more than 30 calendar days after the date the amendments are approved by the SEC. investor's claims of debt. Previously, the syndicate manager had no obligation to provide this information to market participants in a standardized form. The purpose of MSRB . The SEC approved amendments to MSRB Rule G-11 ("Primary Offering Practices") and MSRB Rule G-32 ("Disclosures in Connection with Primary Offerings") that will go into effect on January 13, 2020.. As previously covered, the amendments to Rule G-11 will:. Supplementary Material Rule G-11. Primary Offering Practices. the MSRB requiring that advertisements for municipal fund securities that show performance data include a phone number or Web address where an investor may obtain more current performance information. SIFMA provided comments to the MSRB on several potential amendments to MSRB Rule G-11 regarding syndicate practices, including requiring senior syndicate managers to provide specified information to issuers and standardizing the process for issuing a "free-to-trade wire" to communicate to all syndicate members at the same time that the new issue is free to trade. WASHINGTON - interpretation of Rule G-11 with the SEC that urges managers of bond syndicates to "exercise care" in accounting for syndicate funds and to charge syndicate members only for actual . Email. The present amendments to the advertising rules now address interactive content that is an advertisement. Board rule G-11 generally requires syndicates to establish priorities for different categories of orders and requires that certain disclosures be made to syndicate members which are intended to assure that allocations are made in accordance with those priorities. 2. The MSRB also wants to retire a notice on Rule G-23 on activities of . Any municipal advisor that fails timely to pay in full the total professional fee due under section (a) of this rule shall pay a monthly late fee equal to twenty-five dollars for such failure, and a late fee on the total overdue balance based on the Prime Rate as provided for in the MSRB Registration Manual, until paid. Technical Conforming Amendments The MSRB filed with the Commission a proposed rule change to amend MSRB Rule G-11, on primary offering practices, MSRB Rule G-32, on disclosures in connection with primary offerings and Form G-32, regarding a collection of data elements provided in electronic format This letter expands up upon comments previously submitted3 by However, that notice is almost identical to Rule G-37 guidance from 2008, so the MSRB plans to retire that 2011 notice. The MSRB is filing with the Commission a proposed rule change consisting of amendments to MSRB Rule G-11, on primary offering practices (the "proposed rule change"). February 11, 2021 Mr. BJ Hoffman, Chair Board of Supervisors Hardin County, Iowa 1215 Edgington Ave. Eldora, IA 50627 Re: Disclosures by UMB Pursuant to MSRB Rule G-17 $11,910,000* Urban Renewal General Obligation Ref Bonds, Taxable Series 2021 Dear Mr. Hoffman: Municipal Securities Rulemaking Board 1900 Duke Street, Suite 600 Alexandria, VA 22314 Re: Draft Amendments to Rule G-21 (MSRB Notice 2006-26) Dear Mr. Lanza: The Investment Company Institute1 is pleased to express its support for the proposed amendments to the Municipal Securities Rulemaking Board's advertising rule, Rule G-21. MSRB Rule G-37 is covered in Solomon Exam Prep Series 50, Series 51, Series 52, and Series 53 study materials. Material .01 of MSRB Rule G-27 would allow dealers to satisfy their office inspection obligations by permitting dealers to conduct calendar year 2022 office inspections remotely until June 30, 2022, without the need to conduct an on-site visit to such office or location. Securities Industry and Financial Markets Association (SIFMA) and Government Finance Officers Association's (GFOA) Governmental Debt Management Committee provide comments to the Securities and Exchange Commission (SEC) on the proposed rule changes filed by the Municipal Securities Rulemaking Board (MSRB) to MSRB Rules G-8, G-11 and G-32 to include provisions specifically tailored for retail . 287 of 289 . Our firm keeps an eye on the constantly changing regulatory environment. Rule G-11: Primary Offering Practices (a) - (e) No change. Brokers, dealers and investment firms dealing in municipal securities must . MSRB Outreach on Rule G-17 Obligations • Educational webinar and conference calls • Industry events • Implementation guidance • FAQs based on market feedback . The MSRB proposes to take a similar approach with respect to any future MSRB rules or rule amendments with the goal of eventually including the books and records obligations applicable to each MSRB rule in the text of each rule itself. 4 Prior to that time, 3 Under MSRB Rule D-9, a "customer" means "any person other than a broker, dealer, or II. McKennon Shelton & Henn LLP continues to stay at the forefront of the evolving municipal market. Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Further Extend the Regulatory Relief and Permit Dealers To Conduct Office Inspections Remotely Until June 30, 2022, Pursuant to MSRB Rule G-27, on Supervision, 60522-60524 [2021-23809] Download as PDF Federal Register 2.0 is the unofficial daily publication for rules, proposed rules, and notices of Federal agencies and organizations, as well as executive orders and other presidential documents. Comment Letters to SEC and MSRB 2021. Rule G-26 requires dealers to cooperate in the transfer of customer accounts and specifies procedures for carrying out the transfer process. The Municipal Securities Rulemaking Board ("MSRB") is seeking comment on draft Rule G-42 on standards of conduct and duties of municipal advisors when engaging in municipal advisory activities other than the undertaking of solicitations. MSRB rule governing the priority given to orders received for new issue municipal securities. MSRB Gateway is the single, secure access point for all market systems operated by the Municipal Securities Rulemaking Board (MSRB) In 2018, the MSRB is migrating MyEMMA login access to this secure system; Read answers to frequently asked questions for MyEMMA users; Gw.msrb.org DA: 11 PA: 14 MOZ Rank: 27 Rule G-11 Amendment History (since 2003) Release No. (a) Definitions. As proposed by the MSRB, the proposed rule change would amend Rule G -15(b)(ii)(B)- (C) to define regular way settlement as occurring on a T+2 basis. Introduction. MSRB rules, including Rule G-17, that apply to other customers. MSRB Rule G-42, Duties of Non-Solicitor Municipal Advisors, will be effective June 23, 2016, and was recently added to the outline for the Series 50 exam. The Rule G-11 amendment described above falls neatly into the second of MSRB's current priorities. On March 21, the MSRB filed a series of proposed amendments with the SEC relating to Rules G-11 and G-32, both of which address primary offering practices. Prospective subscribers undergo an ICE Bonds Securities Corporation ("ICE Bonds") credit review process, Primary Offering Practices. MSRB Rule G-11, on primary offering practices. The MSRB is also seeking comment on associated draft amendments to Rules G-8, on books and records, and . The MSRB wishes to remind dealers of the 1998 Interpretation, particularly in light of the January 13, 2020 compliance date for certain amendments to . Participants in such arrangements could be violating MSRB Rules G-17 on fair dealing, G-11 on primary offering practices, and G-25, on improper use of assets, the guidance warns. Search, browse and learn about the Federal Register. The FINRA rule requires the time of execution to be expressed to the second.11 The MSRB rule does not set forth such a specific requirement; however, the Commission's approval order states that the time of execution must be expressed to the minute.12 MSRB Rule G-30—PMP Guidance 34-70532 (September 26 . Rule G-11. Rule G-12. proposes amendments to MSRB Rules G-11 (on primary offering practices), G-8 (on books and records), and G-32 (on disclosures in connection with primary offerings), as well as an interpretive notice concerning the application of MSRB Rules G-17 and G-30 to retail order periods. 20. Summary: Establishes terms and conditions for sales by dealers of new issues of municipal securities in primary offerings, including provisions on priority of customer orders. Comment Letters to SEC and MSRB 2021. Amended Rule G-32, which became effective on June 1, 2009, consolidated the filing requirements of former Rule G-36 and the official statement delivery requirements of Rule G-32. Rule G-46 itself, rather than incorporating such provisions into the MSRB's books and records rule, Rule G-8. Currently, MSRB Rule G-11 (i) states that the final settlement of a syndicate or similar account shall be made within 30 calendar days following the date the issuer delivers the securities to the syndicate. Municipal Securities Rulemaking Board Summary: Requires dealers and municipal advisors to provide certain notices to customers and clients within specified timeframes. 3. An underwriter also has a duty to comply with other MSRB rules as well as other federal and state securities laws. In short, MSRB Rule G-11 will now: Require the senior syndicate manager in an underwriting of municipal securities to disseminate the "free-to-trade" information to all syndicate and selling group members at the same time. MSRB Rule Changes a) Amendments to MSRB Rule G-21 for Municipal Dealer Advertising b) New MSRB Rule G-40 for Municipal Advisor Advertising c) New MSRB Social Media Guidance III. MSRB rule requiring telemarketers calling on behalf of a firm to limit calls to between 8:00 am and 9:00 pm in the called person's time zone. The caller must disclose his name, the firm's name, the firm's telephone number or . Tag: Rule G-11 Exam Alert: MSRB Prohibits Municipal Dealers from Consenting to Changes to Authorizing Documents Effective February 3, 2014, the Municipal Securities Rulemaking Board (MSRB) will amend one of its rules to help protect municipal bond investors from unexpected changes in bond authorizing documents. "Designation" typically refers to the percentage of the takedown or spread that a MSRB under Rule G-36 for the following types of offerings exempt from Rule 15c2-12: z any primary offering with a principal amount of less than $1,000,000; z any primary offering sold in authorized denominations of $100,000 or more if the securities mature in nine The MSRB filed with the Commission a proposed rule change to amend Supplementary Material .01, Temporary Relief for Completing Office Inspections, of MSRB Rule G-27, on supervision, to further extend the regulatory relief and permit brokers, dealers and municipal securities dealers (collectively, "dealers") to conduct office inspections . Specifically, the MSRB noted that Rule G - 15(b)(ii) defines regular way settlement as occurring on a T+3 basis . MFPs and MAPs are allowed to contribute up to $250 per election in which they are entitled to vote. 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