MSRB to Hold Webinar on Upcoming Changes to MSRB Rule G-17 on the Duties of Underwriters to State and Local Governments

Date: June 6, 2012

Contact: Jennifer A. Galloway, Chief Communications Officer
             (703) 797-6600


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) announced today that it will host an educational webinar on June 27, 2012 about the upcoming changes to MSRB rules regarding the duties of underwriters to state and local governments.

Effective August 2, 2012, underwriters of municipal securities will be required to disclose to their state and local government clients risks about complex financial transactions, potential conflicts of interest and compensation received from third-party providers of derivatives and investments, among other new requirements.

The new requirements, which are in the form of an interpretive notice on MSRB Rule G-17, include explicit and expanded requirements for underwriters aimed at protecting state and local governments that issue municipal bonds and create affirmative obligations for dealers to ensure that municipal bond issuers have the information they need to make informed decisions. Read the complete new regulations 

The webinar will take place on Wednesday, June 27, 2012 at 1:00 p.m. and will be comprised of a 30-minute presentation, followed by a question and answer session. The webinar will include discussion on the following topics that will be affected by the changes to MSRB Rule G-17: role of the underwriter, representations made to state and local governments, underwriter compensation, fair pricing of securities, retail order periods, conflicts of interest and gifts, and disclosure of risks.

The webinar is aimed at dealers that must comply with the new regulations; however, all municipal market participants are welcome to attend to learn more about the upcoming changes to MSRB Rule G-17.

Register for the webinar.

The MSRB protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its Electronic Municipal Market Access (EMMA®) website, the official repository for information on all municipal bonds. The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a self-regulatory organization governed by a 21-member board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is overseen by the Securities and Exchange Commission and Congress.