Master Agreement Among Underwriters for Municipal Securities (MMAAU)
An agreement setting forth the legal relationships between syndicate members and permitting the efficient execution of one standardized agreement rather than the execution of separately negotiated legal contracts each time a firm joins a syndicate. For use with negotiated offerings of municipal securities.
Introduction
On July 16, 2018, SIFMA’s Municipal Securities Division announced implementation of a new structure for its Master Agreement Among Underwriters (MAAU) for municipal securities by offering a signature page storage service. Participating firms will sign an acceptance letter to sign on to the SIFMA MAAU, and SIFMA will publish a list of firms that have accepted the terms of the MAAU here. SIFMA has also fully revised the MAAU for the first time in 16 years and will release the new version in conjunction with the offering of this new structure.
This new structure is intended to facilitate transparency as to which broker dealers have accepted, or agreed to adhere to the MAAU, and to reduce compliance burdens on firms who will no longer need to execute and store signature pages for every syndicate member.
Visit the SIFMA Store to sign-up with the SIFMA Municipal MAAU Signature Page Storage Service.
2018 Version
- 2018 SIFMA Municipal Master Agreement Among Underwriters Implementation Process Flow Memorandum
- 2018 SIFMA Master Agreement Among Underwriters for Negotiated Offerings of Municipal Securities (September 2018)
- SIFMA Negotiated MMAAU-2018 Annex B-SIGNED
- SIFMA Negotiated MMAAU-2018 Annex B-CONFORMED
- SIFMA Negotiated MMAAU-2018 Annex C-SIGNED
- SIFMA Negotiated MMAAU-2018 Annex C-CONFORMED
- Redlined MMAAU 2018 v. 2002
1997 Version
- MAAU Master Standard Terms and Conditions
- MAAU Instructions, Terms and Acceptance
- MAAU Guidance Notes
- SIFMA Proposed G-17 Model Language for MAAU Riders
Looking for the MAAU for non-Muni Securities?
Visit SIFMA’s Market Practices & Model Documentation library for the Revised Master Agreement Among Underwriters (MAAU) for registered SEC offerings and exempt offerings, other than offerings of municipal securities
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