Muni Bond Underwriters Face Strict Disclosure Rules

Law360, New York (August 3, 2011, 1:58 PM EDT) -- Underwriters of municipal securities may be required to provide cities and states with more information about risks inherent to them and any conflicts of interest under rules proposed Tuesday by the Municipal Securities Rulemaking Board.

The MSRB asked the U.S. Securities and Exchange Commission to approve rules that increase the disclosure requirements for investment banks involved in the approximately $3.7 trillion municipal securities market. The rules were required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

“This proposal is a groundbreaking effort in ensuring...
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