SIFMA Releases Muni Issue Price Model Documents for Industry Comment

Release Date: March 30, 2017

Contact: Katrina Cavalli, 212.313.1181, 

SIFMA Releases Muni Issue Price Model Documents for Industry Comment

New York, NY, March 30, 2017 – SIFMA today released draft municipal security issue price model documents in an effort to aid industry market participants in compliance with the new Treasury Department issue price rules for municipal securities, which become effective on June 7, 2017. 

“The issue price model documents will help reduce legal costs and regulatory risk while increasing legal certainty,” said Leslie Norwood, managing director, associate general counsel and co-head of SIFMA’s Municipal Securities Division.  “They are designed to make it easier for our members to assist their issuer clients in complying with the issue price rules and in understanding the expectations of market participants while promoting transparency of sales terms for both issuers and underwriters.”

The draft model documents include model riders to the Master Agreement Among Underwriters, Master Selling Group Agreement, Retail Distribution Agreement, Model Bond Purchase Agreement and the Notice of Sale. 

SIFMA welcomes industry comments on the model documents between now and April 12, 2017, after which the documents will be finalized, issued to SIFMA members and posted on SIFMA’s website for broad industry use.

The model documents are available at the following link:  


SIFMA is the voice of the U.S. securities industry. We represent the broker-dealers, banks and asset managers whose nearly one million employees provide access to the capital markets, raising over $2.5 trillion for businesses and municipalities in the U.S., serving clients with over $18.5 trillion in assets and managing more than $67 trillion in assets for individual and institutional clients including mutual funds and retirement plans. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit




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In New York:
Katrina Cavalli


 Liz Pierce



In Washington:

Carol Danko

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