The MSRB proposed to modify 2012 interpretive guidance as to the application of MSRB Rule G-17, which is intended to promote fair dealing by underwriters of municipal securities with issuers. This action is part of the MSRB's retrospective review of rules and published interpretations.
The 2012 interpretive guidance was intended to require underwriters to disclose their relationships and the risks of recommended transactions to issuers. The draft amendments are intended to (i) clarify fair-dealing obligations of underwriters, (ii) enhance issuer protections, and (ii) reduce unnecessary compliance burdens on market participants.
Comments on the draft amendments must be submitted by January 15, 2019.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
