MSRB Rule G-32 and G-34 Amendments to Streamline New Issue Information Submission Requirements Approved by the SEC

The SEC approved amendments to MSRB Rules G-32 and G-34, effective May 6, 2013. The amendments will streamline how underwriters submit data in connection with primary offerings and obviate the need for duplicate submissions by integrating New Issue Information Dissemination Service ("NIIDS") with the Electronic Municipal Market Access System ("EMMA"). Other changes include: the creation of certain recordkeeping requirements under Rule G-8, the revision of submission deadlines, the incorporation of certain elements of NIIDS into the EMMA website, and the elimination of language describing auction rate securities as having a short "effective maturity."

Rule G-32 amendments provide that an underwriter's obligation to submit data in connection with a primary offering will be met by submitting it through NIIDS, as required pursuant to Rule G-34. Offerings not required to use NIIDS must continue to be submitted under Rule G-32 requirements. Also, certain data elements that are not within the scope of NIIDS (such as continuing disclosure undertaking and timing for issuer submission of annual financials) must continue to be submitted to EMMA. Rule G-34 amendments remove certain exceptions from the NIIDS submission requirements for certain short-term instruments (now variable rate instruments, auction rate products and notes maturing in less than nine months must be included in the submissions). However, the amendments also provide certain exceptions to the advance notice period for announcing the planned Time of First Execution.

See: MSRB Notice 2012-64.