Series 52: Quiet Period

Taken from our MSRB Municipal Securities Representative Qualification Examination

Definition of the term Quiet Period...

1. a period from the beginning of an offering where research analysts that work for a company that is an underwriter of the offering may not make public appearances regarding the issuer. Underwriters may not publish research reports regarding the issuer during this period. The quiet period lasts 10 days for IPOs and 3 days for follow-on offerings. 2. another name for the cooling-off period.

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