On May 7, the Municipal Securities Rulemaking Board issued Notice 2012-25, announcing the Securities and Exchange Commission’s approval of its most recent interpretive notice on the application of MSRB Rule G-17. The notice becomes effective on Aug. 2 and will require, among other things, disclosure by an underwriter in a negotiated sale of municipal securities of its role in such transaction, its compensation received, certain potential conflicts of interest and the risks inherent in certain complex financial transactions. This announcement builds upon disclosures already required by MSRB Rule G-23 and is continued evidence of the MSRB’s continuing efforts to improve transparency in the municipal bond markets.
The impetus for the notice is MSRB Rule G-17′s general requirement that an underwriter, “in the conduct of its municipal securities or municipal advisory activities … shall deal fairly with all persons and shall not engage in any deceptive, dishonest or unfair practice.”
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