(Volume 16, Number 3) SEPTEMBER 1996
Route To: Manager, Muni Department Underwriting Operations Compliance
Notice The Board reminds dealers about their obligations under rule G-36. Questions about this notice may be directed to Marianne I. Dunaitis, Assistant General Counsel.
Board rule G-36 requires that managing underwriters deliver to the Board copies of final official statements and Form G-36(OS) for most primary offerings of municipal securities, if an official statement was prepared. The Board enters the official statement into the Municipal Securities Information Library System and also uses the official statement as the basis for invoices for underwriting assessments under Board rule A-13.
Underwriters' specific obligations under rule G-36 are governed, in part, by whether the offering is subject to the requirement for production of an official statement under SEC Rule 15c2-12. For those primary offerings subject to SEC Rule 15c2-12, rule G-36 requires the official statements to be delivered to the Board within one business day after receipt of the final official statement from the issuer or its designated agent, but no later than 10 business days after any final agreement to purchase, offer, or sell the municipal securities. If official statements are prepared for primary offerings of municipal securities not within the scope of Rule 15c2-12, rule G-36 requires that the official statement be sent to the Board within one business day of delivery of the securities by the issuer to the dealer; however, this requirement does not apply to limited placements that are exempt from Rule 15c2-12.
It has come to the Board's attention that some dealers are not sending official statements to the Board in a timely manner. The Board wishes to remind dealers of their obligations under rule G-36 and of the necessity to provide official statements within the timeframes set forth in the rule so that official statements will be accessible to market participants as soon as possible after the date of sale of each issue. If the Board continues to receive official statements late, it will be necessary for the enforcement agencies to undertake additional action to ensure compliance with rule G-36.
September 13, 1996
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