SIFMA issued new model disclosure documents for municipal security underwriters. The documents are intended to help underwriters to "disclose risks associated with complex municipal securities financings." The documents cover the following additional products: (i) capital appreciation bonds, (ii) commercial paper, (iii) convertible advance refunding (or "Cinderella") bonds, (iv) variable-rate remarketed obligations and (v) exchange offers. The new model disclosure documents address updated requirements (see prior coverage) under MSRB Rule G-17 ("Conduct of Municipal Securities and Municipal Advisory Activities").
The compliance date for the updated Rule G-17 requirements is March 31, 2021 (see prior coverage).
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