Assignment of CUSIP Numbers by Underwriters
CUSIP (the Committee on Uniform Securities Identification Procedures) is a system that facilitates the clearing and settlement process of securities. The CUSIP system assigns a number to all registered U.S. stocks, U.S. corporate bonds, government securities, and municipal bonds. A CUSIP number generally consists of nine characters that uniquely identify a company or issuer and the type of security.
For a negotiated sale, the application for a CUSIP number must be filed no later than the time that pricing information is finalized. The timing must be sufficient to allow the MSRB to assign a number prior to the Time of Formal Award.
For a competitive bid underwriting, the underwriter must file an application with the MSRB immediately after it receives the award from the issuer. The underwr