MSRB Amends Rule G-34(c) and Implements New Market Disclosure Requirements

05.12.2011
Hawkins Advisory

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

  • Hawkins Attorneys Featured at Bond Attorneys’ Workshop
    Four Hawkins attorneys will serve on panels at the National Association of Bond Lawyers 43rd annual Bond Attorneys’ Workshop which will be held September 26-28, 2018 in Chicago.
  • Rule 15c2-12 Amendments
    This Hawkins Advisory analyzes the amendments to Rule 15c2-12 that were adopted by the SEC on August 20, 2018.
  • Cybersecurity - Municipal Disclosure
    This Hawkins Advisory describes recent developments regarding disclosure of cybersecurity risks and incidents and their import for municipal disclosure.
  • Municipal Market Regulatory Update
    This Hawkins Advisory describes the proposed amendments to Rule 15c2-12 and provides a summary and analysis of SEC municipal enforcement actions over the last year.