[27609]
October 1, 2013
TO: MUNICIPAL SECURITIES ADVISORY COMMITTEE No. 29-13 RE: SEC APPROVES REVISED MSRB RULES RELATING TO RETAIL ORDER PERIODS
The Securities and Exchange Commission recently approved amendments to MSRB rules to establish certain basic regulatory standards relating to the use of retail order periods in the primary offering of municipal securities. * The revised rules address concerns that dealers may be disregarding issuers’ criteria for participation in a “retail order period.” Contrary to ICI’s recommendation, the MSRB did not define a retail investor for purposes of the rule, but rather the amendments define the term “retail order period” with reference to designated eligibility criteria established by the issuer.
Amendments to Rule G-11 (on primary offering practices), Rule G-8 (on books and records), and Rule G-32 (on disclosures in connection with primary offerings) will take effect on March 31, 2014.
Jane G. Heinrichs
Senior Associate Counsel
*Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, to AmendMSRB Rules G-8, G-11, and G-32 to Include Provisions Specifically Tailored for Retail Order Periods, SEC Release No. 34-70532 (September 26, 2013), available at http://www.sec.gov/rules/sro/msrb/2013/34-70532.pdf.