Municipal Securities Advertising and Communications
Chapters in this video
- 0:00 Why Riley the rep is one tweet away from a fine
- 0:59 Pre-use principal approval and the separate ad file
- 2:05 Extra disclosure rules for 529s and ABLE accounts
- 2:36 The $1 million aggregate offering threshold
- 3:43 POS vs OS and access equals delivery by settlement
- 4:55 The 10-business-day material event window
- 5:55 EMMA vs EDGAR and the SEC filing trap
- 6:36 Rapid-fire exam recap
What this video covers
- Why principal approval of municipal advertisements is pre-use (not post-use), and why social media posts count as ads
- The extra disclosure language required on municipal fund securities ads (529 plans, ABLE accounts, local government investment pools)
- The $1 million aggregate offering threshold that triggers the municipal-disclosure rule, and the key exemptions (18-month maturities, $100,000 denominations, limited offerings)
- The difference between the preliminary official statement (POS, the "red herring") and the final official statement (OS), and what each one contains
- How "access equals delivery" works, and why the OS delivery deadline is settlement (not trade date)
- The 10-business-day material event reporting window, and why the issuer (not the underwriter) is responsible for ongoing disclosure
- Why municipal issuers file on EMMA and not with the Securities and Exchange Commission (SEC), since munis are exempt from SEC registration
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