Client Alert
The Municipal Securities Rulemaking Board recently issued a notice seeking comments on a concept proposal that would require underwriters and municipal advisers to publicly disclose on the MSRBʼs Electronic Municipal Market Access system whether they have made or received certain payments in connection with new issues of municipal securities. Under the proposal, disclosure would be required for any:
- financial incentives received by underwriters or municipal advisors that may influence their recommendations and
- payments made by underwriters or municipal advisors to incentivize third parties, including incentives for third parties to steer business toward the underwriter or advisor.
