Additional Forms and Documents
Best Practices for MSRB Rule G-43
The Best Practices are a result of ongoing efforts among various SIFMA Municipal Division committees to provide clarity on certain procedural aspects of bid-wanted auctions not addressed by Rule G-43 as well as to affirm the importance of preserving market integrity by municipal securities broker’s brokers, certain alternative trading systems, and the dealers that use the bid wanted process. (December 2013)
Best Practice on Disclosures Regarding Choice of Underwriters’ Counsel in Municipal Securities Transactions (February 2013)
SIFMA members have been concerned about a practice in the industry in which an issuer may effectively require an underwriter to retain a specific counsel for a transaction, or recommend the underwriter choose from a limited pool of underwriter’s counsel law firms. Underwriters need to be able to rely on their counsel’s competence and confidential advice, as well as ensure that counsel has no conflicts of interest. SIFMA developed this best practice to provide guidance to the industry and facilitate fair, efficient and transparent municipal market transactions.
Best practices for underwriters of municipal securities in submitting new issue underwriting information to the Depository Trust and Clearing Corporation’s (DTCC) New Issue Information and Dissemination Service (NIIDS).
Model documents SIFMA member firms may use to clarify their role and establish issuer expectations when working with municipal issuers and conduit borrowers.
Master Selling Group Agreement
Intended for use in negotiated purchases and public offerings of municipal securities, whereby a manager and dealer wish to join together to form selling groups.
Model Bond Purchase Agreement
Intended for use in connection with governmental tax or revenue-supported securities, including fixed, variable rate, auction and credit enhanced securities. Not intended for use in connection with conduit financing transactions.
Created for the purpose of forming a joint trading account for the joint and several purchase and sale of municipal securities in the secondary market.
A generic cover sheet for muni disclosure filings. Filings should be made to the Municipal Securities Rulemaking Board’s (MSRB) Electronic Municipal Market Access (EMMA) website, www. emma.msrb.org.
Intended to advise state and local government bond issuers to review certain mechanical aspects related to their municipal bond sale procedures to ensure that local and state governments issue bonds in the most effective way possible.
A joint trade association release, in consultation with The Depository Trust Company (DTCC). The Joint Recommendations provide practical advice to issuers, their counsel, nominee holders, and agents of issuers on how to get notices on defaults through to beneficial owners in the era of book-entry-only bonds. They provide procedures for issuer control of the communications process and make recommendations about the format of notices, the payment of reasonable expenses by the issuer, and the provision of notices by the issuer for retransmission through the chain of nominee holders.
SIFMA Releases Notice to Members Regarding Trading Municipal Securities in Payment Default
SIFMA released to member firms a notice regarding the treatment of accrued interest on transactions involving municipal securities in payment default. The notice includes language that member firms may choose to provide to customers who sell securities that trade without accrued interest