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Model placement agent engagement agreements covering conduit bonds and the non-conduit bonds. These 2 new agreements are intended for use by brokers, dealers, and municipal securities dealers acting as a placement agent.
See Related Press Release: SIFMA Issues Muni Model Placement Engagement Agreements – February 19, 2019 Master Agreement Among Underwriters (MAAU)Issue Price Model DocumentsOn May 2, 2017, SIFMA released municipal security issue price model documents in an effort to aid industry market participants in compliance with the Treasury Department issue price rules for municipal securities, which became effective on June 7, 2017. In light of the experience of our members in the municipal market over the past year, SIFMA is now releasing an update to its municipal security issue price model documents. The proposed revisions to the Issue Price Riders address certain issues and questions from SIFMA member firms that have arisen since that original distribution.
G-42 Model DocumentsMSRB Rule G-17 Model Disclosure Documents
Underwriter and risk disclosures to be used for transactions prior to the March 31, 2021 effective date of the Revised Interpretive Guidance to MSRB Rule G-17:
Revised underwriter and risk disclosures to be used for transactions after the March 31, 2021 effective date of the Revised Interpretive Guidance to MSRB Rule G-17: Model Documents for Underwriter’s Conflicts of Interest, Role, and Compensation Disclosures:
Model Documents for Transaction-Specific Risk Disclosures for Complex Municipal Securities Financings:
Municipal Advisor Model DocumentsSIFMA has prepared model documents and related guidance to help brokers, dealers and other financial institutions serve their clients and comply with the new regulatory requirements created by the SEC’s Municipal Advisor Rule. The SEC’s Municipal Advisor Rule imposes a registration regime upon municipal advisors, i.e., firms that give advice absent an exemption or exclusion to municipal entities and obligated persons, and imposes a fiduciary duty upon municipal advisors that give advice to municipal entities. MSRB rulemaking will impose additional requirements and prohibitions on the conduct of municipal advisors. SIFMA’s model disclosures are designed to be a starting point to aid firms with serving their clients and compliance with the SEC’s Municipal Advisor Rule; however, close attention must be paid to the specific language used as the Rule and the SEC’s interpretive guidance is very specific as to what is required for compliance with certain exemptions or exclusions. SIFMA encourages firms to modify these documents as necessary to reflect their own analysis of the Rule or the specifics of particular client relationships or transactions. SIFMA also recommends that firms update their internal policies and procedures and continue to educate their personnel about this new regulatory requirement ahead of the Municipal Advisor Rule’s July 1 effective date.
Model Engagement Letters:
SMMPSophisticated Municipal Market Professional (SMMP) Affirmation – April 2015 SIFMA developed a model Sophisticated Municipal Market Professional, or SMMP, Affirmation. This new affirmation is necessary in light of Municipal Securities Rulemaking Board (MSRB) rule changes which were approved by the SEC in
December 2014 and which become effective December 7, 2015. See: Press Release. Master Selling Group AgreementAn agreement for use in forming one or more selling groups in connection with the negotiated purchase and public offering of securities.
Additional Forms and DocumentsBest Practices for MSRB Rule G-43 Best Practice on Disclosures Regarding Choice of Underwriters’ Counsel in Municipal Securities Transactions (February 2013) Best Practices for NIIDS Testing and Implementation for Underwriters of Municipal Securities Best practices for underwriters of municipal securities in submitting new issue underwriting information to the Depository Trust and Clearing Corporation’s (DTCC) New Issue Information and Dissemination Service (NIIDS). Clarifying Statements for Municipal Securities Underwriters Model documents SIFMA member firms may use to clarify their role and establish issuer expectations when working with municipal issuers and conduit borrowers. Model Bond Purchase Agreement Intended for use in connection with governmental tax or revenue-supported securities, including fixed, variable rate, auction and credit enhanced securities. Not intended for use in connection with conduit financing transactions.
Model Joint Account Agreement Created for the purpose of forming a joint trading account for the joint and several purchase and sale of municipal securities in the secondary market. SIFMA Model Memorandum to Underwriter’s Counsel Municipal Secondary Market Disclosure Filings A generic cover sheet for muni disclosure filings. Filings should be made to the Municipal Securities Rulemaking Board’s (MSRB) Electronic Municipal Market Access (EMMA) website, www. emma.msrb.org. Public Finance Issuer Advisory: Mechanical Aspects of Municipal Bond Sale Practices Intended to advise state and local government bond issuers to review certain mechanical aspects related to their municipal bond sale procedures to ensure that local and state governments issue bonds in the most effective way possible. Recommendations for Communicating with Beneficial Owners of Defaulted Municipals A joint trade association release, in consultation with The Depository Trust Company (DTCC). The Joint Recommendations provide practical advice to issuers, their counsel, nominee holders, and agents of issuers on how to get notices on defaults through to beneficial owners in the era of book-entry-only bonds. They provide procedures for issuer control of the communications process and make recommendations about the format of notices, the payment of reasonable expenses by the issuer, and the provision of notices by the issuer for retransmission through the chain of nominee holders. SIFMA Releases Notice to Members Regarding Trading Municipal Securities in Payment Default Which of the following statements are true about the activities of municipal securities broker's brokers?Which of the following statements are TRUE about the activities of municipal securities brokers' brokers? The best answer is B. Municipal brokers' brokers handle large block trades of municipal securities for institutions such as banks.
Which of the following statements are true regarding new municipal offerings?Which of the following statements are TRUE regarding new municipal offerings? The best answer is B. Most general obligation issues are sold through competitive bid while revenue bond issues are typically sold through negotiated offerings.
Which of the following statements regarding the flow of funds found within a municipal Trust Indenture are true?Which of the following statements regarding the flow of funds found within a municipal trust indenture are TRUE? It describes the disbursement of funds for revenue bond issues.
Which of the following are municipal securities?Municipal securities include municipal bonds and notes, 529 plans and other financial instruments.
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