Disclosures to Customers (MSRB Rule G-32)
MSRB Rule G-32 seeks to ensure that customers purchasing new issues of municipal securities have all relevant and available information about their investment. Under the rule, dealers are required to deliver a copy of the final official statement to their customers no later than the completion of a transaction (settlement). The MSRB presumes that the required information is delivered to a customer if it was sent at least three days prior to settlement.
However, there is an exception to the requirements of MSRB Rule G-32, where an issuer is not preparing a final official statement. If a final official statement is not being prepared, then the dealer must provide written notice to the customer explaining this, along with a copy of the preliminary official