Series 54: Business Promotional Materials (Not Advice)

Business Promotional Materials (Not Advice)

The SEC allows broker-dealers to communicate with municipal entities in order to solicit business for the firm. The SEC has provided a list of types of promotional materials that could be given to a municipal entity without being considered a recommendation or advice. It includes:

•A potential price range for a new issue that factors in current market conditions and some particular information about the municipal entity, like location and credit rating

•Information about the municipal entity’s current debt securities and how the yields compare to current market yields

•Information about a potential range of interest rates and range of maturities for a new issuance of debt securities

•Information available to the general public about the interest rates of State and Local Government Series (SLGS) for the investment of bond refunding proceeds

•Information that demonstrates how much the municipality would save if it refunded its current outstanding bonds, as