Amendments Approved to Rule G-14 RTRS Procedures Relating to "List Offering Price" and "Takedown" Transactions
On October 17, 2006, the Securities and Exchange Commission approved the amendments to Rule G-14 RTRS Procedures relating to “list offering price” and “takedown” transactions. The rule expands the definition of “list offering price” transactions to include certain inter-dealer “takedown” transactions and to require the reporting of these transactions as “list offering price” transactions on the first day of trading of a new issue. The amendments become effective on January 8, 2007. For a detailed discussion of the amendments, see MSRB Notice 2006-27 (August 15, 2006).
Questions regarding the amendments may be directed to Karen Caplan, Associate General Counsel.
October 19, 2006
TEXT OF AMENDMENTS 
Rule G-14 Reports of Sales or Purchases
(a) – (b) No change.
Rule G-14 RTRS Procedures
(a) General Procedures.
(i) No change.
(ii) Transactions effected with a Time of Trade during the hours of the RTRS Business Day shall be reported within fifteen minutes of Time of Trade to an RTRS Portal except in the following situations:
(A) A “List Offering Price/Takedown paragraph (d)(vii) of Rule G-14 RTRS Procedures, shall be reported by the end of the day on which the trade is executed. [Syndicate managers, syndicate members and selling group members that effect trades in new issues on the first day of trading at the list offering price shall report such trades by the end of the day on which the trades were executed.]
(B) – (C) No change.
(iii) – (vi) No change.
(b) Reporting Requirements for Specific Types of Transactions.
(i) – (iii) No change.
(iv) Transactions with Special Conditions. Reports of transactions affected by the special conditions described in the RTRS Users Manual in Section 4.3.2 of the Specifications for Real-Time Reporting of Municipal Securities Transactions shall be reported with the “special condition indicators” shown and in the manner specified. Special condition indicators designated as “optional” in these Specifications are required for the Submitter to obtain an extended reporting deadline under paragraphs (a)(ii)(B)-(C) of Rule G-14 RTRS Procedures, but may be omitted if a deadline extension is not claimed. All other special condition indicators are mandatory, including the List Offering Price/Takedown Transaction indicator for transactions identified in paragraph (a)(ii)(A) of Rule G-14 RTRS Procedures.
(c) No Change.
(i) - (vi) No change.
(vii) “List Offering Price/Takedown Transaction” means a primary market sale transaction executed on the first day of trading of a new issue:
(A) by a sole underwriter, syndicate manager, syndicate member or selling group member at the published list offering price for the security (“List Offering Price Transaction”); or
(B) by a sole underwriter or syndicate manager to a syndicate or selling group member at a discount from the published list offering price for the security (“RTRS Takedown Transaction”).