Municipal Securities Rulemaking Board.
The Securities and Exchange Commission recently approved a proposal from the Municipal Securities Rulemaking Board (MSRB) to shorten the time periods for settlement of syndicate accounts, secondary market trading accounts, and the payment of designations. The amendments are designed to reduce the exposure of members of syndicate and secondary market accounts to potential risks of deterioration in the credit of the syndicate or account manager while the account settlements are pending. The SEC's decision reduces the deadline in MSRB Rule G-11(i) for the final settlement of an underwriting syndicate or similar account from 60 calendar clays to 30 calendar days after the issuer delivers the securities to the syndicate. The amendments also reduce the deadline in MSRB Rule G-11(j) for the payment of designations from 30 calendar days to 10 calendar days after bond closing and require co-managers to provide syndicate managers with their designations within two business days after bond closing. The SEC approval also reduces the deadline in MSRB Rule G-12(i) for settlement of secondary market trading accounts from 60 calendar clays to 30 calendar days following the date the securities have been delivered to the account members
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|Title Annotation:||NEWS & PRODUCTS|
|Date:||Nov 1, 2009|
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