MSRB Proposes Amendments to Interpretive Guidance on Municipal Securities Dealers' Disclosure Requirements

The MSRB proposed to amend its interpretive guidance under MSRB Rule G-17 (Conduct of Municipal Securities and Municipal Advisory Activities) related to municipal securities and municipal advisory activities. The amendments are intended to reduce disclosure burdens on underwriters, as well as the burden on issuers to acknowledge and review disclosures of risks that are (i) unlikely to materialize, (ii) not unique to a particular transaction or underwriter where a syndicate is formed, or (iii) otherwise duplicative.