Glossary of Municipal Securities Terms

UNDERWRITING PERIOD

For purposes of SEC Rule 15c2-12, the period in connection with a primary offering of municipal securities ending on the later of the closing of the underwriting or the sale of the last of the securities by the syndicate. Rule 15c2-12 obligates an underwriter to send the final official statement for a primary offering to any potential customer, upon request, from the time the final official statement becomes available until the earlier of 90 days from the end of the underwriting period or the time when the official statement is available to any person from the Municipal Securities Rulemaking Board through the Electronic Municipal Market Access (EMMA) system, but in no case less than 25 days following the end of the underwriting period. See: ELECTRONIC MUNICIPAL MARKET ACCESS (EMMA) SYSTEM; OFFICIAL STATEMENT; PRIMARY OFFERING 

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