MSRB Issues Guidance On Primary Offering Disclosure Form

The MSRB issued a new FAQ to clarify the process for completing the MSRB's primary offering disclosure form (i.e., Form G-32).

In the FAQ, the MSRB explains that:

• Blue Sky restrictions are not required to be identified as a Restriction on Issue;
• contractual restrictions on the sale, resale, or transfer of securities must be identified as a Restriction on Issue;
• an underwriter should provide the name of a deal participant who is acting in the role of a municipal advisor, even where a municipal advisor is identified by another term;
• the underwriter should identify municipal securities as having a credit enhancement when the form of credit enhancement does not fall into the categories of "letter of credit" or "bond insurance";