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Contact: Jennifer A. Galloway, Chief Communications Officer
             (703) 797-6600
              jgalloway@msrb.org

MSRB ANSWERS FREQUENTLY ASKED QUESTIONS ABOUT EXPANDED DUTIES OF UNDERWRITERS

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today published frequently asked questions about the obligations of underwriters to state and local government issuers of municipal bonds under MSRB Rule G-17. The FAQs are 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. In response to market feedback, the MSRB is providing underwriters with more guidance on the manner and timing of delivery of disclosures to their state and local government clients.

The FAQs supplement the comprehensive implementation guidance and other educational materials the MSRB has developed to assist underwriters in meeting their expanded disclosure obligations to state and local governments.

The Municipal Securities Rulemaking Board (MSRB) was established by Congress in 1975 with the mission to protect investors, issuers and the public interest and to promote efficiency, competition and capital formation. MSRB is a private, self-regulatory organization governed by an independent board of directors with market knowledge and expertise. MSRB does not receive federal appropriations and is funded primarily through fees paid by regulated entities. MSRB is overseen by Congress and the Securities and Exchange Commission.

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