Glossary of Municipal Securities Terms


The principle that accurate and complete information material to a securities transaction that an investor would be likely to consider important in making investment decisions must be made available to the investor. Material information may include descriptions of the issuer or other obligor, including operating and financial data, as well as the structure of and security for the issue. The material facts pertinent to a new issue of municipal securities normally are disclosed in the official statement or other offering documents. See: CONTINUING DISCLOSURE; DUE DILIGENCE; MATERIAL OMISSION; RULE 10b-5; RULE 15c2-12.

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