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Contact:            Lynnette Kelly Hotchkiss, Executive Director
                        (703) 797-6600
                        lhotchkiss@msrb.org

 

MSRB Files Proposed Rule Changes with SEC to Extend the
Expiration of the Three-Hour Exception and to Require
Underwriter Participation with DTCC's NIIDS System

 

Alexandria, VA - Today the Municipal Securities Rulemaking Board (MSRB) filed with the Securities and Exchange Commission (the SEC) two proposed rule changes relating to transaction reporting of new issue municipal securities.  One proposed rule change consists of an amendment to Rule G-14, Reports of Sales or Purchases, to extend to June 30, 2008 the expiration date of the three-hour exception to the fifteen-minute reporting deadline for certain when, as and if issued transactions under Rule G-14 RTRS Procedures, paragraph (a)(ii)(C).  The three-hour exception is currently set to expire on December 31, 2007. 

The second proposed rule change consists of an amendment of Rule G-8, Books and Records, Rule G-9, Preservation of Records, and Rule G-34, CUSIP Numbers and New Issue Requirements, designed to improve new issue trade reporting.  This proposed rule change prescribes timetables for submission of data to Depository Trust and Clearing Corporation's New Issue Information Dissemination System and other underwriter procedures that are intended to ensure that all dealers have timely access to the new issue information that is needed for compliance with trade reporting requirements.  The MSRB proposes an effective date for this proposed rule change of June 30, 2008.   

A copy of a notice describing the proposed rule changes is attached and will soon be available at the MSRB's web site at www.msrb.org.

The Municipal Securities Rulemaking Board (MSRB) protects and strengthens the municipal bond market, enabling access to capital, economic growth, and societal progress in tens of thousands of communities across the country. The MSRB fulfills this mission by creating trust in our market through informed regulation of dealers and municipal advisors that protects investors, issuers and the public interest; building technology systems that power our market and provide transparency for issuers, institutions, and the investing public; and serving as the steward of market data that empowers better decisions and fuels innovation for the future. The MSRB is a self-regulatory organization governed by a 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.

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