A frequently-asked-questions document that the Municipal Securities Rulemaking Board released aims to help issuers and underwriters understand their responsibilities under the fair-dealing guidance written for Rule G-17. New disclosure documents required from underwriters are raising concerns among issuers about what they might be agreeing to if they acknowledge receiving them. Underwriters need clarity on what constitutes trying to get the issuer to acknowledge receiving the document. "When you're talking about regulatory compliance, the underwriters treat that very seriously," said Leslie Norwood, co-head of municipal securities at SIFMA. Check out SIFMA's G-17 Model Disclosures Resource Center.

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