Glossary of Municipal Securities Terms

UNDERWRITER’S COUNSEL

An attorney or law firm retained to represent the interests of an underwriter in connection with the purchase of a new issue of municipal securities. The duties of underwriter’s counsel may include review of the issuer’s bond resolution and documentation on behalf of the underwriter; review of the accuracy and adequacy of disclosure in the official statement; preparation of the agreement among underwriters, purchase contract and/or the official statement; assisting the underwriter in meeting the underwriter’s due diligence obligation; and delivery of a 10b-5 opinion. See: DUE DILIGENCE; 10b-5 OPINION. Compare: BOND COUNSEL; DISCLOSURE COUNSEL.

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