Client Alert
As part of its charge to promote a fair and efficient municipal securities market, the Municipal Securities Rulemaking Board issued regulatory notice 2015-03 on January 29, 2015, calling for timely disclosure of bank loans extended to municipal borrowers, whether in the form of the direct purchase of bonds or notes, a loan agreement, or any other type of financing with the municipal borrower. Although the message is nothing new to market observers, the tone of the Notice reinforces the MSRB’s desire to see the market adopt the timely disclosure practices for bank loans previously espoused by it and other industry groups.

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