MSRB Requests Comment on Proposed Rule Amendments Affecting Confirmation Disclosure

The MSRB requested comment on draft amendments to MSRB Rule G-12 ("Uniform Practice") which would retire or reorganize interpretive guidance pertaining to confirmation disclosure requirements for inter-dealer municipal securities transactions.

In a Notice, the MSRB stated that the draft amendments would (i) incorporate principles from interpretive guidance into the rule text, (ii) reorganize the content of Rule G-12 provisions to align with the format of provisions under MSRB Rule G-15 ("Confirmation, Clearance, Settlement and Other Uniform Practice Requirements with Respect to Transactions with Customers") and (iii) make technical modifications to "simplify and clarify existing requirements," including providing a new definitions section.

Under the draft amendments, the MSRB would also organize requirements in accordance with G-12 principles relating to transaction information, securities identification and securities descriptive information. The MSRB said that the draft amendments are not intended to create any new requirements.

Comments on the draft amendments must be submitted by December 15, 2023.