New York, NY, August 18, 2025 – SIFMA today published its updated SIFMA Model Bond Purchase Agreement for Negotiated Municipal Securities Underwritings.  The agreement is intended for use in connection with governmental tax or revenue-supported securities, including fixed, variable rate, auction and credit enhanced securities, and is not intended for use in connection with conduit financing transactions.  It has two parts, the Terms and Acceptance document and the General Provisions and Conditions document.

“SIFMA is pleased to provide the marketplace with an updated model bond purchase agreement for municipal securities” said Leslie Norwood, managing director, associate general counsel and head of municipal securities at SIFMA.  “We have updated the agreement to reflect changing regulatory and market events, such as language regarding issue price certificates.  As always, however, each firm should make their own independent decisions about how they will compete in the marketplace.”

The updated documents are available at the following links:

Municipal Securities – Model Bond Purchase Agreement: Terms and Acceptance

Municipal Securities – Model Bond Purchase Agreement: General Provisions and Conditions

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development.  SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).