3.2.4. Municipal Advisor Advertisements
An advertisement is any published material used in electronic or public media or promotional literature made available to municipal advisory clients or the public about the services of the municipal advisor. These materials include any notice, circular, report, market letter, form letter, telemarketing script, seminar text, press release, reprint of a published article, or any excerpt of any of these.
An advertisement does not apply to official statements (including prospectuses, preliminary prospectuses, summary prospectuses, and registration statements) but does apply to summaries of both official statements and offering circulars, or other documents like these prepared by the