Date: March 30, 2017
Katrina Cavalli, 212.313.1181, firstname.lastname@example.org
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: www.sifma.org/issuepricedocs
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 www.sifma.org.