In anticipation of the January 13, 2020 compliance date for senior syndicate managers to provide certain allocation and net designation information to issuers, the MSRB reminded municipal securities dealers of previous guidance on the use of electronic media.
As previously covered, the amendments to MSRB Rule G-11 ("Primary Offering Practices") will:
- improve the information dissemination requirements to obligate the senior syndicate manager to release "free-to-trade" information to all syndicate and selling group members simultaneously;
- mandate that the syndicate manager provide the issuer with information regarding (i) designations, (ii) group net sales credit and (iii) allocations of the securities in a primary offering; and
- codify the requirement for a selling group member to follow the issuer terms and conditions in a primary offering.
According to the MSRB, certain information required to be delivered to other dealers and issuers under Rule G-11 may be provided by electronic means, so long as delivery is in a manner consistent with previous guidance, including providing notice that information may be accessed electronically.
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.
