MSRB Answers Frequently Asked Questions about the Expanded Duties of Underwriters (Regulatory Notice 2013-08)

The MSRB published an FAQ as to the obligations of underwriters to state and local government issuers of municipal bonds under MSRB Rule G-17 ("Conduct of Municipal Securities and Municipal Advisory Activities"). The FAQ is intended to help underwriters comply with their obligations and also provide clarity for issuers on what they can expect from their underwriters.

The MSRB established expanded disclosure duties for underwriters in an interpretive notice to MSRB Rule G-17 on fair dealing in 2012. This additional guidance is focused on the manner and timing of delivery of disclosures to their state and local government clients.

The FAQ supplements the comprehensive implementation guidance and other educational materials to assist underwriters in meeting their expanded disclosure obligations.

See: Regulatory Notice 2013-08: MSRB Answers Frequently Asked Questions (FAQs) Regarding an Underwriter's Disclosure Obligations to State and Local Government Issuers under Rule G-17.For a comprehensive compilation of recent news items with respect to municipal securities, link to Current Topics - Municipal Securities.