MSRB Amends Rule G-34(c) and Implements New Market Disclosure Requirements
The Municipal Securities Rulemaking Board (the “MSRB”) has announced that amendments to MSRB Rule G-34(c), relating to the collection and dissemination of market information with respect to variable rate securities (the “Amended Rule”),1 will become effective on May 16, 2011 (the “Effective Date”), subject to a transition provision as described below. The Amended Rule requires certain brokers, dealers, and municipal securities dealers (collectively, “dealers”) to submit and file with the MSRB additional market information and certain documentation associated with municipal auction rate securities (“ARS”)2 and variable rate demand obligations (“VRDOs”).3 All documentation is to be submitted via the MSRB’s short-term obligation rate transparency system (the “SHORT System”).
A detailed overview of the Amended Rule and its implementation is provided in MSRB Notice 2010-31 as supplemented with respect to document submission by MSRB Notice 2011-17.
Also of Interest
- SEC Staff Guidance Regarding Secondary Market Disclosure
This Advisory provides a summary and analysis of the recent Staff Legal Bulletin from the SEC’s Office of Municipal Securities.
- Hawkins Attorneys to co-chair and moderate The Bond Buyer’s National Outlook 2020 Conference
Howard Zucker will be co-chairing the Bond Buyer's 2020 National Outlook Conference. This annual event brings together specialists and professionals from every corner of the public finance industry.
- Carol McCoog Elected to the American College of Bond Counsel
Carol McCoog has been elected a Fellow of the American College of Bond Counsel (ACBC).
- Hawkins Attorneys are part of NABL’s SEC Rule 15c2-12 Working Group
Brian Garzione, Carol McCoog and Kenneth Roberts were part of the National Association of Bond Lawyers working group, that released the paper titled “SEC Rule 15c2-12 Amendments NABL Member Questions and Practical Considerations”.