MSRB Notice 2012-48: Amendments to MSRB Rule G-34 Relating to Use of the Term

The SEC approved amendments to MSRB Rule G-34 concerning the use of the terms in communications about new issues of municipal securities. The amendments will prohibit any broker, dealer or municipal securities dealer (a "dealer") from using the term "not reoffered" or other comparable term or designation, such as the commonly used designation of "NRO," without also including the applicable price or yield information about the securities in any of its written communications, electronic or otherwise, sent by or on behalf of the dealer. The rule change will be effective as of November 1, 2012 for any written communication including initial offering prices or yields relating to a new issue of municipal securities sent from and after that date.

View notice in full here (links externally to MSRB website).