Muni Trade Confirmations

Overview

MSRB Rule G-15 requires a broker-dealer effecting a transaction in a municipal security to send the customer a confirmation with information as to the terms of the transaction. While the MSRB Rule G-15 requirements as to municipal securities are similar to those that apply under SEA Rule 10b-10 as corporate securities, the MSRB Rule does contain a number of requirements and exceptions that are particularly relevant to muni securities; e.g., terms relating to municipal fund securities, securities with adjustable tender fees, stepped and stripped coupon securities, information as to credit backing, information as to whether securities are revenue securities and as to the tax status of the securities.

MSRB Rule G-33 specifies how interest is to be computed.

National banks that are not SEC-registered muni dealers, but that effect transactions in muni securities, are subject to the confirmation requirements in Part 12 of the OCC Rules.

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