Revised Master Agreement Among Underwriters (MAAU) (2020)

An agreement setting forth the legal relationships between syndicate members and permitting the efficient execution of one standardized agreement rather than the execution of separately negotiated legal contracts each and every time a firm joins a syndicate.

This agreement was last revised on November 13, 2020 to reflect the Securities and Exchange Commission’s amended “accredited investor” definition (effective December 8, 2020) in section 3.3(vi) and to provide for electronic signatures in section 12.9.  The prior revision on November 21, 2019 incorporated use of the SEC’s Rule 163B (effective December 3, 2019) as part of testing the waters and updated and corrected certain statutory and regulatory cross-references. The December 10, 2018 revision added new section 12.4 to address the impact of U.S. special resolution regimes.