MSRB Disclosure

Municipal Securities Rulemaking Board or MSRB offers important guidance to bond issuers:

Rule G-17  

Disclosures Concerning the Underwriter’s Role.  The underwriter must disclose to the issuer that: (iii) unlike a municipal advisor, the underwriter does not have a fiduciary duty to the issuer under the federal securities laws and is, therefore, not required by federal law to act in the best interests of the issuer without regard to its own financial or other interests;

An Expert View of the Market’s Structure

 

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