The Municipal Securities Rulemaking Board issued guidance yesterday that will streamline the disclosure of so-called backer information on electronic trade confirmations sent to institutional investors in municipal securities transactions.

The guidance essentially allows dealers to fulfill their obligations under the board’s Rule G-15 on confirmations when they use a clearing agency or qualified vendor to send institutional clients a Web link to the “backer” information, the often extensive legal details about the security that appear on the back of a trade confirmation and is different for each dealer.

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