Municipal market participants said Tuesday that while they appreciate the Municipal Securities Rulemaking Board’s attempt to clarify underwriter disclosure requirements under its fair dealing rule, more guidance is needed before the rule can fulfill its intended purpose.

The MSRB released the new guidance Monday in the form of answers to frequently asked questions, after hearing complaints from issuers about overly-complex and legalistic disclosure letters from underwriters and underwriter concerns that issuers were unwilling to acknowledge receipt of the disclosures for fear of seeming to consent to them.

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