MSRB Answers Frequently Asked Questions about Expanded Duties of Underwriters

Date: March 25, 2013

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


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 MSRB protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its Electronic Municipal Market Access (EMMA®) website, the official repository for information on all municipal bonds. The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a self-regulatory organization governed by a 21-member board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is overseen by the Securities and Exchange Commission and Congress.