Order Periods and Syndicate Practices

Read the learning objectives and topics covered in this MuniEdPro® course. Log into MuniEdPro®.

Target Audience

  • Broker-dealers 
  • Municipal securities issuers
  • Municipal advisors

Learning Objectives

At the end of this course learners will be able to:

  • Define terminology related to the process, order flow of an underwriting syndicated in a primary negotiated offering;
  • Distinguish the roles and activities of issuers and the underwriting syndicated in a primary negotiated offering; and
  • Contrast priority of order provisions.
Course Outline

1. Review of Relevant MSRB Rule
a. MSRB Rule G-8 – Books and Records
b. MSRB Rule G-11– Primary Offering Practices
c. MSRB Rule G-17 – Conduct of Municipal Securities and Municipal Advisory Activities
d. MSRB Rule G-32 – Disclosures in Connection with Primary Offerings

2. Determining the Syndicate
a. Role of the Underwriting Team
b. Determining the Retail Definition
i. Issuer Considerations
ii. Retail Orders
iii. Rule Requirements
c. Determine the Priority of Orders
i. Priority Provisions
ii. Retail Orders
iii. Institutional Orders
iv. Rule Requirements
v. Record Keeping
d. Orders and Allotments
i. Fair Dealing
ii. Designation Policy

3. Syndicate Structures Applications
a. Small Deal with Retail and Institutional Orders
b. Large Deal with Retail and Institutional Orders
c. Small Deal with Retail Orders Only
d. Large Deal with Institutional Orders Only 
4. Course Review

5. Assessment