Time of Trade Disclosure: Potential Exposures that Many Have Not Considered

Recently, the MSRB and FINRA provided reminders regarding the municipal market’s time of trade disclosure rule (MSRB Rule G-47). The MSRB, by way of a Regulatory Notice, reminded market participants that a “Market Discount” is material and needs to be disclosed and, in the case of FINRA, additional findings of violations of failure to disclose.

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