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

MSRB ANSWERS FREQUENTLY ASKED QUESTIONS ABOUT EXPANDED DUTIES OF UNDERWRITERS

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 Municipal Securities Rulemaking Board (MSRB) protects and strengthens the municipal bond market, enabling access to capital, economic growth, and societal progress in tens of thousands of communities across the country. The MSRB fulfills this mission by creating trust in our market through informed regulation of dealers and municipal advisors that protects investors, issuers and the public interest; building technology systems that power our market and provide transparency for issuers, institutions, and the investing public; and serving as the steward of market data that empowers better decisions and fuels innovation for the future. The MSRB is a self-regulatory organization governed by a 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.

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