Standard Forms / Documentation / Guidelines
Guideline Concerning MBS Pool Notification Extension
The following guideline for pool notification extension has been adopted pursuant to The Bond Market Association's (the "Association") good delivery guidelines. This guideline sets forth contingency procedures to be followed in the event that MBS Clearing Corporation's ("MBSCC") Electronic Pool Notification ("EPN") system experiences a system disruption.
EPN System Disruption
Pool notification extensions would be triggered only by a notification from MBSCC that the EPN system is experiencing a system disruption.
The Association's Good Delivery Cut-Off Time
Unless MBSCC provides a notification that the EPN system is experiencing a system disruption and requests an extension, the Association's recommended pool notification timeframes as set forth in its 48-Hour Rule will remain in effect. In the event MBSCC notifies the Association of an EPN system disruption and requests an extension, the "48-Hour Rule" will be superseded by the pool notification extension guideline described below.
Notifications
In the event that MBSCC experiences an EPN system disruption and requests an extension, the Association will effect a broad notification throughout the industry of such extension and the ultimate resolution of such a disruption.
GUIDELINE CONCERNING INDUSTRY-WIDE EXTENSION OF THE
48-HOUR RULE FOR POOL NOTIFICATION
EPN STATUS
Not recovered by 12:00 noon or system disruption
occurs between 12:00 noon and 3:00 p.m.
48-HOUR POOL NOTIFICATION TIME FRAMES
Extend to 6:00 p.m.*
* All of the above times are E.S.T. This 48-Hour Rule extension guideline will apply to all market participants, regardless of a market participant's EPN status. However, all other Association recommended cut-off times will remain unchanged, including the Association's recommended cancel and correct notification cut-off time.