MSRB Reports Volume 15  -- Number 3 -- October 1995

Volume 15, Number 3 -- October 1995


Board Elects Handy Chairman; Taddey Vice Chairman

The Board has elected its Chairman and Vice Chairman for its 1996 fiscal year. Ms. Alice W. Handy is serving as Chairman and Mr. Anthony J. Taddey is serving as Vice Chairman. They began their terms on October 1, 1995.

Ms. Handy is Treasurer of the University of Virginia. She had previously served as the University's Investment Officer from 1974 through 1988. Ms. Handy also served as State Treasurer of Virginia from 1988 through 1990. She began her professional career with Travelers Insurance Company in the Investment Department as a public bond trader and portfolio manager. Ms. Handy received her B.A. degree from Connecticut College and did graduate work in economics at the University of Virginia.

Mr. Taddey is an Executive Vice President and board member of BA Securities, Inc., the wholly-owned securities broker-dealer subsidiary of BankAmerica Corporation. He had overseen all Western Region Public Finance activities for both Merrill Lynch and Morgan Stanley before joining the Bank of America in 1993 as its Senior Managing Director of the Municipal Securities Group. Mr. Taddey is a graduate of Columbia College and its Graduate School of Business Administration.

In This Issue

Proposed Rule Filed: Rule G-38
Proposed rule G-38 requires dealers (1) to have written agreements with certain individuals who are used by a dealer, directly or indirectly, to obtain or retain municipal securities business (consultants); and (2) to disclose such consulting arrangements directly to issuers and to the public through disclosure to the Board.

Customer Confirmations
Amendment Approved: Rule G-15(a)
The amendment (1) clarifies the current customer confirmation requirements by reorganizing the rule and incorporating previous Board interpretations into the language of the rule; (2) revises certain requirements in areas where the Board believes that more disclosure is necessary; and (3)includes certain other modifications to the current confirmation disclosure requirements.

Board Members 1995-1996


Fee Assessments for Dealers
Amendments Filed: Rules A-13, A-14 and G-14

Changes Approved to the CDI System

Reporting Executing Dealer Identities in Inter-Dealer Transactions to the Board
Amendment Approved: Rule G-14

New Issue Requirements
Amendments Filed: G-12 and G-34

Trade Date Submission of Delivery vs. Payment and Receipt vs. Payment Customer Transactions
Amendment Approved: Rule G-15(d)

Board Tables Consideration of Draft Amendments on 5 p.m. Trade Cut-Off Time, Pending Comparison Rate Improvements
Draft Amendments Tabled: Rules G-12(b) and G-15(b)

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July 3, 1995
Effective date of changes to the CDI System

July 24, 1995
Effective date of amendment to rule G-14 on reporting executing dealer identities in inter-dealer transactions to the Board

July 28, 1995
Effective date of amendment to rule G-15(d) on trade date submission of DVP/RVP customer transactions

October 31, 1995
Due date for Form G-37 to be filed with the Board (for the period July 1, 1995 - September 30, 1995

October 31, 1995
Due date for payment of Board's annual fee

November 15, 1995
Effective date of amendment to rule G-15(a) on customer confirmations

January 31, 1995
Due date for Form G-37 to be filed with the Board (for the period October 1, 1995 - December 30, 1995

Proposed rule G-38 on consultants
Amendments to rules A-13, A-14 and G-14 on fee assessments for dealers
Amendments to rules G-12 and G-34 on new issue requirements

Board Members: 1995-1996

Bank Representatives

Hugh Chairnoff, Executive Vice President and Treasurer
National Westminster Bancorp
-- New York, New York
Roger G. Hayes, Managing Director
NationsBanc Capital Markets, Inc.
-- Charlotte, North Carolina
William J. Jester, Managing Director
Municipal Dealer Department
Chemical Securities, Inc.
-- New York, New York
John S. McCune, President
Norwest Investment Services, Inc.
-- Minneapolis, Minnesota
Anthony J. Taddey, Managing Director
Municipal Securities Group
BA Securities, Inc.
-- Los Angeles, California

Public Representatives

Alan Appelbaum, Counsel
Cleary, Gottlieb, Steen & Hamilton
-- New York, New York
Phyllis E. Currie, Chief Financial Officer
Los Angeles Department
of Water and Power
-- Los Angeles, California
William D. Dawson, III, Executive Vice President
Fixed Income Mutual Funds
Federated Research Corp.
-- Pittsburgh, Pennsylvania
Alice W. Handy, Treasurer
University of Virginia
-- Charlottesville, Virginia
Charles D. Mires, Assistant Vice President
Manager Municipal Bond Division
Allstate Insurance Company
-- Northbrook, Illinois

Securities Firm Representatives

Terry L. Atkinson, Managing Director
PaineWebber, Incorporated
-- New York, New York
Aimee S. Brown, Principal
Artemis Capital Group, Inc.
-- San Francisco, California
Edward J. Reinoso, President
Reinoso & Company, Inc.
-- New York, New York
Andrew F. Rowley, Managing Director
Morgan Stanley & Co., Inc.
-- New York, New York
Robert A. Vanosky, Executive Vice President
and Co-Manager, Fixed Income Department
Rauscher Pierce Refsnes, inc.
-- Dallas, Texas


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