Glossary of Municipal Securities Terms

OFFICIAL STATEMENT (OS)

A document prepared by or on behalf of the issuer of municipal securities in connection with a primary offering that discloses material information on the offering of such securities. Official statements typically include information regarding the purposes of the issue, how the securities will be repaid, and the financial and economic characteristics of the issuer, conduit borrower or other obligated person with respect to the offered securities. Investors and market intermediaries may use this information to evaluate the credit quality of the securities and potential risks of the primary offering. See: DUE DILIGENCE; FULL DISCLOSUREMATERIAL OMISSION; PRIMARY OFFERING; PROGRAM DISCLOSURE DOCUMENT; RULE 10b-5; RULE 15c2-12. Compare: INFORMATION STATEMENT; OFFERING CIRCULAR; PRELIMINARY OFFICIAL STATEMENT; PRIVATE PLACEMENT MEMORANDUM.

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