MSRB seeks comments on written communications and disclosures rules

By Jennifer Chiou

New York, Aug. 10 - The Municipal Securities Rulemaking Board announced that it is requesting comment on draft amendments to Rule G-21 on advertising and on a draft interpretive notice concerning the application of Rule G-17 to certain communications.

The existing Rule G-21 applies to advertisements by brokers, dealers and municipal securities dealers. Comments should discuss draft amendments to the rule, which would extend the rule's coverage to all municipal advisors, including dealers that are municipal advisors, because they solicit business from municipal entities and obligated persons on behalf of unrelated third parties.

Under the draft amendments, the term "advertisement" would also include material concerning the products or services of a municipal advisor or third party on behalf of which a municipal advisor is soliciting business, the release noted.

In addition, the board is seeking feedback on draft Rule G-46 on activities of municipal advisors.

Comments should be submitted no later than Sept. 14 in electronic or paper form. Electronic comments may be submitted to CommentLetters@msrb.org.

The MSRB noted that comments should indicate the notice number in the subject line of the email and, if possible, sent in PDF format.

Paper comments should be sent to Ronald W. Smith, Corporate Secretary, Municipal Securities Rulemaking Board, 1900 Duke Street, Suite 600, Alexandria, VA 22314.

Questions may be directed to Peg Henry, deputy general counsel, or Kathleen Miles, associate general counsel, at 703 797-6600.

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