Product-Specific Disclosures: Municipal Securities, Government Securities, and CMOs

What this video covers

• The MSRB "knew or should have known" standard for municipal securities advertisements, and why ignorance is never a defense
• The written principal approval requirement for muni ads prior to first use, and the separate-file recordkeeping rule
• What an official statement is, how it flows from underwriter to dealer to investor, and why it replaces a prospectus for municipal securities
• Why retail communications and correspondence must spell out "Collateralized Mortgage Obligation" in full and cannot abbreviate to CMO
• The educational material that must be offered to non-institutional investors before a CMO sale, and the critical distinction between offered and delivered
• Which investor types trigger the CMO educational-material rule, and why institutional investors are exempt
• The exact mandatory oral disclosure for radio and television CMO advertisements, and how it maps directly to prepayment risk