MSRB Proposed Amendment to NRO Designation Rule

On June 28, the MSRB sought approval from the SEC for a proposed amendment to Rule G-34 limiting the use by municipal securities dealers of the designation “not reoffered” or “NRO” without also including price or yield information in written communications about new issues of securities. The MSRB has requested that the proposed amendment be made effective 28 days after the date of SEC approval. MSRB Release. MSRB Proposed Amendment.

MSRB Request for Comment on “Not Reoffered” Designation

On March 13, the MSRB requested comment on a proposal to prohibit brokers, dealers, and municipal securities dealers from using the term “not reoffered” or “NRO”, which indicates that certain maturities of a new issue are not offered to investors, in any written communication unless it also includes the initial offering price or yield information about the municipal securities.  Comments are due by April 10.  MSRB Release.  Request for Comment.