MSRB Re-Proposes Changes to CUSIP Number Requirements

The Municipal Securities Rulemaking Board ("MSRB") is soliciting comments for a second time on draft amendments to MSRB Rule G-34 (CUSIP Numbers). The amendments would clarify rules for application of CUSIP number requirements for new issue municipal securities and obligate municipal advisors to obtain CUSIP numbers in competitive offerings.

In response to comments on previous draft amendments, the MSRB proposed an exception to Rule G-34 requirements for obtaining CUSIP numbers in certain direct purchase transactions with banks where the underwriter on the transaction or the municipal advisor advising an issuer in a competitive offering has a reasonable belief that the purchasing bank is likely to hold the municipal securities to maturity or limit resale of the municipal securities to another bank.

Comments should be submitted no later than June 30, 2017.