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.


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.
Listen to a replay of the SIFMA industry teleconference discussing implementation.

2018 Version

2002 Version

1997 Version