SIFMA Updates Certain Municipal Security Issue Price Model Documents

SIFMA revised municipal security model documents that aid industry market participants in compliance with price rules for municipal securities issued by the U.S. Department of Treasury. The SIFMA model documents were originally published in draft form in May 2017.

The updated documents include model riders to:

• the Master Agreement Among Underwriters (MAAU) and Agreement Among Underwriters (AAU),
• the Selling Group Agreement,
• the Third-Party Distribution Agreement,
• the Bond Purchase Agreement (BPA), and
• the Notices of Sale (NOS).

The updates are intended to promote "transparency of sales terms for both issuers and underwriters, and to help reduce legal costs and regulatory risk while increasing legal certainty, for the benefit of all market participants."