Series 51: Timing Of Disclosures Under SEC Rule 15c2-12

Timing of Disclosures Under SEC Rule 15c2-12

Underwriters must receive the final official statement from the issuer within seven business days after a purchase agreement or its equivalent has been signed. The underwriter, in turn, must deliver copies within one business day to any investor who requests it.

For municipal securities that are not municipal fund securities, this practice must be continued until the underwriter has provided a copy to the MSRB and until at least 25 days have elapsed (but no more than 90 days) following the end of the underwriting period. The underwriting period