MSRB Seeks Comment On Rule Changes For Primary Offerings

The MSRB requested public comment on draft amendments to MSRB Rule G-11 on primary offering practices, and MSRB Rule G-32 on disclosures relating to primary offerings.

With respect to Rule G-11, the MSRB is seeking comment on whether to, among other things: (i) "standardize the process for issuing a free-to-trade wire" to ensure that all syndicate members received this information at the same time and (ii) "require senior syndicate managers to provide specified information to issuers" regarding designations and allocations of securities in an offering.

Concerning Rule G-32, the MSRB is seeking input on whether existing primary offering disclosure practices appropriately serve the municipal securities market. In particular, the MSRB is seeking comment on whether to, among other things: (i) require underwriters to disclose CUSIP numbers refunded and the percentages thereof in order to ensure all market participants have access to this data at the same time, (ii)