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Compliance Resource
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Dealers, Municipal Advisors

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Rule G-37

Compliance Resource
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Dealers, Issuers, Municipal Advisors

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Rule G-37

Compliance Resource
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Dealers, Municipal Advisors, Municipal Fund Securities

Compliance Resource
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Dealers, Investors

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Rule G-18

Compliance Resource
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Dealers, General Public, Investors

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Rule G-10

Compliance Resource
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Bank Dealers, Dealers, Municipal Fund Securities

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Rule G-45

Interpretive Guidance - Interpretive Letters
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archive97

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Archive 1997

Operational Start Date for Customer Transaction Reporting, December 29, 1997

The operational start date of the customer transaction phase of the Board's Transaction Reporting Program has been delayed from January 1, 1998 to March 1, 1998.

Proposed amendments to rules G-11, G-12, and G-8, December 23, 1997

The Board has filed with the SEC proposed amendments to rules G-11, on sales of new issue municipal securities, G-12, on uniform practice, and G-8, on books and records, in regard to syndicate practices.

Amendment filed to rule G-23, December 23, 1997

The Board has filed with the SEC an amendment to rule G-23 on activities of financial advisors. The amendment requires a financial advisor, prior to entering into a remarketing agreement for an issue on which it advised, to disclose, in writing, to the issuer the terms of the remuneration the financial advisor could earn as remarketing agent on such issue and that there may be a conflict of interest in changing from the capacity of financial advisor to remarketing agent.

Proposed amendments to rule G-32, December 22, 1997

The Board has filed proposed amendments to rule G-32, on disclosures in connection with new issues, relating to dissemination of official statements to purchasing dealers and initial offering prices of maturities not reoffered

Series 53 study outline, December 19, 1997

Effective date for revised Series 53 study outline changed to March 1, 1998.

Amendment filed, December 18, 1997

The Board has filed proposed amendments to rule G-37, on political contributions and prohibitions on municipal securities business, rule G-8, on recordkeeping, and rule G-38, on consultants

Notice of filing, December 16, 1997

The Board has established a fee relating to the public dissemination on CD-ROM of quarterly Form G-37/G-38 filings

Amendment Filed, revised forms G-36(OS) and G-36(ARD): December 2, 1997

The Board has filed revised Forms G-36(OS) and G-36(ARD) and an amendment to rule G-8(a)(xv), on recordkeeping. The revised Forms G-36(OS) and G-36(ARD) and amendment to rule G-8(a)(xv) become operative on January 1, 1998.

Consultants Rule G-38 November 25, 1997

The Board has filed an amendment to rule G-38, on consultants, that would give dealers the option of disclosing their consulting arrangements to issuers, pursuant to section (c) of the rule, on either an issue-specific or issuer-specific basis.

Arbitration Rule G-35 November 13, 1997

The Board has filed an amendment to its File No. SR-MSRB-97-4 relating to rule G-35.

The Board is publishing a third Question and Answer notice concerning consultants. November 13, 1997

Question and Answer notice concerning consultants.

Notice: October 1997

MSRB Transaction  Reporting Program Questions and Answers.

Amendments Filed: September 30, 1997

The Board has filed technical amendments to rule G-37, on political contributions and prohibitions on municipal securities bussiness, rule G-38, on consultants, and G-8, on recordkeeping.

Draft Amendments to Rules G-38 and G-8 and Draft Changes to Form G-37/G-38: September 11, 1997

The Board requests comment on a draft amendment to rule G-38, on consultants, that would require dealers to disclose their consultants' political contributions to officials of an issuer and payments to state and local political parties. The Board also is seeking comment on a related amendment to rule G-8, on recordkeeping, and revisions to Form G-37/G-38. Comments are due no later than December 15, 1997.

Additional Questions and Answers: Rule G-37 on Political Contributions and Prohibitions on Municipal Securities Business:

September 9, 1997

The Board has published an additional question-and-answer notice regarding rule G-37 on political contributions and prohibitions on municipal securities business. The questions and answers address the applicability of the rule to transition and inaugural expenses, the definition of issuer official, the definitions of municipal finance professional and executive officer, and reporting by syndicate members.

Rule G-35: Arbitration: May 22, 1997

The Board has filed an amendment to its Arbitration Code (rule G-35) to state that it will not accept any new arbitration claims filed on or after January 1, 1998, and that as of that date every bank dealer shall be subject to the NASD's Code of Arbitration Procedue.

Rule G-38: Consultants: May 21, 1997

The Board requests comment on a draft amendment to rule G-38 that would give dealers the option of disclosing information on their consulting arrangements to issuers on either an issue-specific or issuer-specific basis.

 

Text of Proposed Rule & Forms G-36 (OS) & G-36(ARD)

 

Proposed Change Filed to Establish a Fee Relating to the OS/ARD Subsystem: May 19, 1997

The Board has filed a proposed change to establish a fee relating to the operation of its OS/ARD subsystem of the MSIL system.

From the Chairman

The Board is publishing Chairman Roger Hayes' letter to the municipal securities industry

 

Rule G-32: Notice of the Draft Amendments

As announced after its February 1997 meeting, the MSRB has determined to withdraw the draft amendment to Rule G-32, on disclosure in connection with new issues.

Rule G-39: Telemarketing Rule Approved

Rule G-39 and amendments to rules G-21, G-8 and G-9 concern telemarketing requirements with respect to the municipal securities activities of brokers, dealers and municipal securities dealers.

 

 

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Interpretive Guidance - Interpretive Letters
Publication date:
Operational Start Date for Customer Transaction Reporting

Attention! Attention!

Operational Start Date for Customer Transaction Reporting

 

The operational start date of the customer transaction phase of the Board's Transaction Reporting Program has been delayed from January 1, 1998 to March 1, 1998. However, the Board's testing program is ongoing and dealers should ensure that they are testing their transaction reporting capabilities with the Board at this time or have scheduled a date to do so.

The Board's Transaction Reporting Program is designed to provide transparency and audit trail capabilities in the municipal securities market. Since 1995, the program has accepted dealer reports of inter-dealer transactions in municipal securities. Using these transaction reports, the Board publishes daily summaries of price and volume information about frequently traded municipal securities. The Board also maintains a surveillance database containing all transactions reported to the Board, and makes this database available to market regulators responsible for market surveillance and enforcement of Board rules.

During the next phase of the Transaction Reporting Program, dealers will report their dealer-customer transactions in municipal securities to the Board. This will allow information on customer transactions to be included in the daily price/volume summaries and in the surveillance database. Toward this end, the Securities and Exchange Commission in November 1996 approved amendments to Board rule G-14 on transaction reporting that require dealers to report their dealer-customer transactions to the Board.(1) When effective, these amendments will require that dealers send to the Board each day an electronic file containing the municipal securities transactions that were effected with customers on that day. An individual dealer may send the electronic file directly to the Board or may use an intermediary such as a clearing broker or a service bureau.(2)

At the time the amendments to rule G-14 were approved, the Board also announced a mandatory testing program. This program requires that dealers who will submit transactions to the Board under rule G-14 test their transaction reporting capabilities with the Board to ensure that their electronic files of transaction data are in the correct format and otherwise comply with the Board's requirements. The Board began the testing program with dealers in July 1997, and has received test data from over 40 service bureaus and clearing brokers on behalf of over 330 dealers. Most other dealers and service bureaus that will be submitting data to the Board are scheduled to begin testing before year-end.

Because of technical difficulties encountered in the development of computer systems that will operate Transaction Reporting Program, it is necessary for the Board to delay the operational start date for the customer transaction phase of the program -- originally scheduled for January 1, 1998 -- to March 1, 1998. This delay in the effective date for full operation of rule G-14 does not affect dealer obligations under the ongoing testing program. During December 1997, the Board will provide test dates to all dealers that have not yet been scheduled for testing. Dealers that plan to use the "PC dial-up" option for submitting data to the MSRB have now been sent necessary software and user manuals to submit test transactions to the MSRB. Dealers that plan to submit transactions via a clearing broker or service bureau may consider themselves as having tested if the clearing broker or service bureau is submitting (or is scheduled to submit) test data on their behalf. Dealers that plan to submit transactions via National Securities Clearing Corporation should have begun testing or have a test date scheduled and should contact the MSRB immediately if they do not have a test date.

As part of the testing program, dealers will continue to submit data reflecting their actual transactions once their initial test protocols have been successfully completed with the Board. Submission of the transaction data should be done by midnight of trade date -- the same deadline as will exist in the operational system. Testing in this manner will continue until the operational start date for the Program in March. Using live transaction data during the testing period will serve two purposes. It will assist the Board in designing the daily reports of price and volume information that will be provided to increase transparency in the municipal securities market and also will provide dealers and the Board with an opportunity to uncover and address problems that may arise in the reporting of specific types of transactions. This, in turn, will help the Board and the industry to ensure that system operations begin successfully in March 1998.

December 23, 1997


ENDNOTES

1. Securities Exchange Act Release No. 37998 (November 29, 1996).

2. The format for these electronic files, data element definitions and other requirements concerning the details of customer transaction reporting may be found in MSRB Reports, Volume 16, No.3 (September 1996), at 3. The most current status of the Transaction Reporting Program, frequently asked questions, additional technical details, and other helpful explanatory material can be found on the Board's World Wide Web site at www.msrb.org.

 

Archive

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