MSRB: Dealers Must Disclose Bonds' OID Status at or Before Trade

Hume, Lynn
January 2005
Bond Buyer;1/6/2005, Vol. 351 Issue 32044, p5
Trade Publication
The article reports that the Municipal Securities Rulemaking Board (MSRB) filed with the U.S. Securities and Exchange Commission a change to its Rule G-17 on fair dealing explicitly stating that dealers must disclose to investors at or before the time of trade whether the bonds they are buying are original-issue discount (OID) securities. The OID information is "material" or critical for investors, because it affects the value and tax treatment of the bonds. The rule change, which the MSRB also called "an interpretive reminder notice," essentially codifies guidance previously issued by the board and is immediately effective.


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