New Issue Data Submissions (MSRB Rules G-34 and G-32)
By no later than the time the pricing is finalized, the underwriter must apply to the MSRB in writing for the assignment of a CUSIP number for the new security. Issuers must also apply around this time for new issue eligibility at a registered securities depository. CUSIP (the Committee on Uniform Securities Identification Procedures) is a system that facilitates the clearing and settlement process of securities. The CUSIP system identifies securities by assigning them a number. A CUSIP number generally consists of nine characters that uniquely identify a company or issuer and the type of security. CUSIP numbers are assigned and used to identify most securities, including government securities, municipal and corporate bonds, and all registered U.S. stocks.
A securities depository is a facility where securities are deposited and held for ease of transfer between owners. Transactions are cleared and settled in a depository. Municipal securities are almost exclusively held in the Depository Trust Company (DTC). Underwr