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Notice 2013-22 - Request for Comment
Publication date: | Comment due:
Information for:

Bank Dealers, Dealers


1.  Bartholomew, Patricia E., 2014 Chair, Securities Industry Council on Continuing Education, and Bartol, William E., 2013 Chair, Securities Industry Council on Continuing Education: Letter dated January 13, 2014

2.  Bond Dealers of America: Letter from Michael Nicholas, Chief Executive Officer, dated January 13, 2014

3.  Diamant Investment Corporation: E-mail from Herbert Diamant dated December 13, 2013

4.  Financial Services Institute: Letter from David T. Bellaire, Executive Vice President and General Counsel, dated January 13, 2014

5.  Investment Company Institute: Letter from Tamara K. Salmon, Senior Associate Counsel, dated January 13, 2014

6.  MetLife Securities, Inc.: Letter from Jennifer Lewis, Corporate Counsel, dated January 13, 2014

7.  National Society of Compliance Professionals: Letter from Judy Werner, Executive Director, dated January 14, 2014

8.  Romano Wealth Management: E-mail from Joe Romano dated January 13, 2014

9.  RW Smith & Associates, Inc.: E-mail from Paige Pierce dated January 13, 2014

10.  Securities Industry and Financial Markets Association: Letter from David L. Cohen, Managing Director and Associate General Counsel, dated January 13, 2014

11.  Wulff, Hansen & Co.: Letter from Chris Charles, President, dated January 9, 2014

Notice 2013-21 - Informational Notice
Publication date:
Notice 2013-20 - Informational Notice
Publication date:
Notice 2013-19 - Request for Comment
Publication date: | Comment due:
Information for:

Bank Dealers, Dealers, Municipal Advisors

Rule Number:

Rule A-12


1. Financial Services Institute: Letter from David T. Bellaire, Executive Vice President and General Counsel, dated September 20, 2013

2. National Association of Independent Public Finance Advisors: Letter from Jeanine Rodgers Caruso, President, dated September 20, 2013

3. Securities Industry and Financial Markets Association: Letter from Leslie M. Norwood, Managing Director and Associate General Counsel, dated September 20, 2013

4. U.S. Bancorp Investments, Inc.: E-mail from Herbert Neufeld dated August 19, 2013

Notice 2013-18 - Informational Notice
Publication date:
Notice 2013-17 - Informational Notice
Publication date:
Information for:

Bank Dealers, Dealers, Municipal Advisors

Notice 2013-15 - Request for Comment
Publication date: | Comment due:
Information for:

Bank Dealers, Dealers

Rule Number:

Rule G-18, Rule G-30

1. Financial Services Institute: Letter from David T. Bellaire, Executive Vice President and General Counsel, dated September 20, 2013

2. Investment Company Institute: Letter from Tamara K. Salmon, Senior Associate Counsel, dated September 20, 2013

3. Securities Industry and Financial Markets Association: Letter from David L. Cohen, Managing Director, Associate General Counsel, dated September 20, 2013

4. Wells Fargo Advisors, LLC: Letter from Robert J. McCarthy, Director of Regulatory Policy, dated September 20, 2013

5. Wells Fargo Securities: Letter from Gerald K. Mayfield, Senior Counsel, dated September 20, 2013

Notice 2013-16 - Request for Comment
Publication date: | Comment due:
Information for:

Bank Dealers, Dealers


1. Ambassador Financial Group: E-mail from Allen Collins dated August 8, 2013

2. Barclays Capital Inc.: Letter from Jennifer Small, Municipal Compliance, dated October 7, 2013

3. Bond Dealers of America: Letter from Michael Nicholas, Chief Executive Officer, dated October 7, 2013

4. Financial Services Institute: Letter from David T. Bellaire, Executive Vice President and General Counsel, dated October 7, 2013

5. Interactive Data Corporation: Letter from Mark Hepsworth, President, Interactive Data Pricing and Reference Data, dated October 7, 2013

6. Investment Company Institute: Letter from Tamara K. Salmon, Senior Associate Counsel, dated September 20, 2013

7. J.J.B. Hilliard, W.L. Lyons LLC: Letter from Alex Rorke, Director, Public Finance

8. Melton, Chris: Letter dated September 26, 2013

9. Private Investor: E-mail from Private Investor dated September 2, 2013

10. Securities Industry and Financial Markets Association: Letter from David L. Cohen, Managing Director and Associate General Counsel, dated October 7, 2013

11. Wells Fargo Advisors, LLC: Letter from Robert J. McCarthy, Director of Regulatory Policy, dated October 7, 2013

Notice 2013-14 - Request for Comment
Publication date: | Comment due:
Information for:

Bank Dealers, Dealers, Municipal Advisors

Rule Number:

Rule G-14


1.  Bond Dealers of America: Letter from Michael Nicholas, Chief Executive Officer, dated November 1, 2013

2.  Corporate Treasury Investment Consulting LLC: Letter from Mark O. Conner, Principal, dated August 16, 2013

3.  Financial Information Forum: Letter from Manisha Kimmel, Executive Director, dated November 1, 2013

4.  Interactive Data Corporation: Letter from Mark Hepsworth, President, Interactive Data Pricing and Reference Data, dated November 1, 2013

5.  Leonard, Jack: Letter dated August 1, 2013

6.  Long, Cate: E-mail dated November 1, 2013

7.  Sayer, Steven: E-mail dated November 3, 2013

8.  Securities Industry and Financial Markets Association: Letter from Leslie M. Norwood, Managing Director and Associate General Counsel, dated November 1, 2013

9.  Wells Fargo Advisors, LLC: Letter from Robert J.McCarthy, Director of Regulatory Policy, dated November 1, 2013

Notice 2013-13 - Informational Notice
Publication date:
Notice 2013-12 - Informational Notice
Publication date:
Information for:

Bank Dealers, Dealers

Rule Number:

Rule G-39

Notice 2013-11 - Informational Notice
Publication date:
Information for:

Bank Dealers, Dealers, Municipal Advisors

Rule Number:

Rule G-32, Rule G-34

Compliance Resource
Publication date:
Information for:

Bank Dealers, Dealers

Rule Number:

Rule G-33

Notice 2013-10 - Request for Comment
Publication date: | Comment due:
Information for:

Bank Dealers, Dealers

1.  Bond Dealers of America: Letter from Michael Nicholas, Chief Executive Officer, dated June 12, 2013

2.  Securities Industry and Financial Markets Association: Letter from David L. Cohen, Managing Director, Associate General Counsel, dated June 12, 2013

3.  Wells Fargo Advisors, LLC: Letter from Robert J. McCarthy, Director of Regulatory Policy, dated June 12, 2013

 

Notice 2013-08 - Informational Notice
Publication date:
Notice 2013-07 - Request for Comment
Publication date: | Comment due:
Information for:

Bank Dealers, Dealers

Rule Number:

Rule G-8, Rule G-19

1.  Bond Dealers of America: Letter from Michael Nicholas, Chief Executive Officer, dated May 6, 2013

2.  College Savings Foundation: Letter from Roger Michaud, Chairman, dated May 6, 2013

3.  College Savings Plans Network: Letter from Michael L. Fitzgerald, Treasurer of Iowa and Chairman, dated May 6, 2013

4.  Financial Services Institute: Letter from David T. Bellaire, Executive Vice President and General Counsel, dated May 6, 2013

5.  Investment Company Institute: Letter from Tamara K. Salmon, Senior Associate Counsel, dated May 5, 2013

6.  Retail Investor: Email from Retail Investor dated August 25, 2013

7.  Securities Industry and Financial Markets Association: Letter from David L. Cohen, Managing Director, Associate General Counsel, dated May 6, 2013

8.  Wells Fargo Advisors, LLC: Letter from Robert J. McCarthy, Director of Regulatory Policy, dated May 6, 2013

Notice 2013-06 - Request for Comment
Publication date: | Comment due:
Information for:

Bank Dealers, Dealers, Municipal Advisors


1.  Bond Dealers of America: Letter from Michael Nicholas, Chief Executive Officer, dated March 28, 2013

2.  Boyle, Nick: Letter

3.  City of Milwaukee: E-mail from Richard Li dated March 7, 2013

4.  Government Finance Officers Association: Letter from Dustin McDonald, Director, Federal Liaison Center, dated April 30, 2013

5.  National Association of Bond Lawyers: Letter from Scott R. Lilienthal, President, dated March 29, 2013

Notice 2013-05 - Informational Notice
Publication date:
Information for:

Bank Dealers, Dealers

Notice 2013-04 - Request for Comment
Publication date: | Comment due:
Information for:

Bank Dealers, Dealers

Rule Number:

Rule G-17


1.  Bond Dealers of America: Letter from Michael Nicholas, Chief Executive Officer, dated March 12, 2013

2.  Charles Schwab & Co., Inc.: Letter from Michael P. Moran, Vice President, Compliance, dated March 12, 2013

3.  Lumesis, Inc.: Letter from Gregg L. Bienstock, Co-Founder and Chief Executive Officer, dated March 11, 2013

4.  Lumesis, Inc.: Letter from Gregg L. Bienstock, Co-Founder and Chief Executive Officer, dated July 17, 2013

5.  R.W. Smith & Associates, Inc.: E-mail from Paige Pierce dated March 20, 2013

6.  Securities Industry and Financial Markets Association: Letter from David L. Cohen, Managing Director and Associate General Counsel, dated March 12, 2013

7.  TMC Bonds, L.L.C.: Letter from Thomas S. Vales, Chief Executive Officer, dated March 11, 2013

8.  Wells Fargo Advisors, LLC: Letter from Robert J. McCarthy, Director of Regulatory Policy, dated March 12, 2013

Notice 2013-03 - Informational Notice
Publication date:
Notice 2013-02 - Request for Comment
Publication date: | Comment due:
Information for:

Bank Dealers, Dealers

1.  Barclays Capital Inc.: Letter from Scott Coya, Director, Municipal Compliance, dated March 15, 2013

2.  Bond Dealers of America: Letter from Michael Nicholas, Chief Executive Officer, dated March 15, 2013

3.  Charles Schwab & Co. Inc.: Letter from Michael P. Moran, Vice President, Fixed Income Compliance, dated March 15, 2013

4.  Eastern Bank: E-mail from James N. Fox, SVP and Managing Director, dated March 15, 2013

5.  Financial Information Forum: Letter from Arsalan Shahid, Program Director, dated March 15, 2013

6.  Financial Services Institute: Letter from David T. Bellaire, Executive Vice President and General Counsel, dated March 15, 2013

7.  Frost Bank: Letter from Robert N. Jacobs, Assistant Vice President/Compliance Officer, dated March 11, 2013

8.  Investment Company Institute: Letter from Dorothy Donohue, Deputy General Counsel-Securities Regulation, dated March 15, 2013

9.  J.W. Korth & Company LP: E-mail from James Korth dated March 14, 2013

10.  R.W. Smith & Associates, Inc.: E-mail from Paige Pierce, dated March 20, 2013

11.  Securities Industry and Financial Markets Association: Letter from Leslie M. Norwood, Managing Director and Associate General Counsel, dated March 15, 2013

12.  Seidel & Shaw, LLC: Letter from Thomas W. Shaw, President, dated March 15, 2013

13.  Standish: E-mail from Daniel Rabasco dated March 15, 2013

14.  TMC Bonds, L.L.C.: Letter from Thomas S. Vales, Chief Executive Officer, dated March 15, 2013

15.  Tradition Asiel Securities, Inc.: Letter from Eric M. Earnhardt, Chief Compliance Officer, dated March 19, 2013

Notice 2013-01 - Informational Notice
Publication date:
Information for:

Bank Dealers, Dealers, Municipal Advisors

Interpretive Guidance - Interpretive Notices
Publication date:
Uniform Practice and Rule G-15 on Customer Confirmations
Rule Number:

Rule G-12, Rule G-15

This notice addresses several questions that have arisen concerning Board rules G-12 and G-15. Board rule G-12 establishes uniform industry procedures for the processing, clearance, and settlement of transactions in municipal securities... Board rule G-15 requires municipal securities professionals to send written confirmations of transactions to customers, and specifies the information required to be set forth on the confirmation.

 

Settlement Dates

In order to establish uniform settlement dates for "regular way" transactions in municipal securities, rule G-12(b)(i)(B) defines the term "business day" as "a day recognized by the National Association of Securities Dealers, Inc. [the "NASD"] as a day on which securities transactions may be settled." The practice of the NASD has been to exclude from the category of "business day," any day widely designated as a legal bank holiday, and to notify the NASD membership accordingly. Such notices set forth the NASD’s trade and settlement date schedules for periods which include a legal holiday.

"Catastrophe" Call Features

Rules G-12 and G-15 require that confirmations of transactions set forth a "description of the securities, including at a minimum… if the securities are subject to redemption prior to maturity (callable)… an indication to such effect…" (paragraphs G-12(c)(v)(E) and G-15(a)(v)[*]). Both rules also require that in transactions in callable securities effected on a yield basis, dollar price must be shown and "the calculation of dollar price shall be to the lower of price to call or price to maturity" (paragraphs G-12(c)(v)(I) and G-15(a)(viii)[†]).

The references to "callable" securities and pricing to call in rules G-12 and G-15 do not refer to "catastrophe" call features, such as those relating to acts of God or eminent domain, which are beyond the control of the issuer of the securities.


[*] [Currently codified at rule G-15(a)(i)(C)(2)(a)]

[] [Currently codified at rule G-15(a)(i)(A)(5)]

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