MSRB Requests Comment On Concept Proposal For Primary Offering Practices

The MSRB published a concept proposal to request feedback from market participants on the primary offering practices of broker-dealers and municipal securities dealers. More specifically, the concept proposal focuses on issues pertaining to MSRB Rule G-11, on primary offering practices, and MSRB Rule G-32, on disclosures in connection with primary offerings.

As to MSRB Rule G-11 (Primary Offering Practices), which "establishes terms and conditions for sales by dealers of new issues of municipal securities in primary offerings, including provisions on priority of customer orders," the MSRB is seeking comment on whether to:

• obligate underwriters to make a "bona fide" public offering;