MSRB Grants Omgeo Approval for Suppression of Paper Confirms for Municipal Bonds
The Municipal Securities Rulemaking Board (MSRB) has issued an interpretive notice regarding Rule G-15, allowing clients to leverage Omgeo inSITE to fulfil their municipal bond confirmation requirements electronically instead of with paper.
MSRB Rule G-15 requires that at or before the completion of a transaction in municipal securities with or for the account of a customer, each broker dealer or municipal securities dealer must give or send to the customer a written confirmation that contains certain disclosures. The interpretive notice now allows such confirmation of the transaction to be provided wholly electronically.
“Since launching Omgeo inSITE late last year, we’ve seen a strong pipeline of clients develop,” said Lee Cutrone, managing director, industry relations at Omgeo. “The industry as a whole has a strong desire to continue to eliminate wasteful paper wherever possible, as it causes tremendous, unnecessary burden and cost for market participants. We are pleased that Omgeo inSITE can now also help clients with their compliance for municipal bond confirmations, in addition to equities and other fixed income instruments.”