The Municipal Securities Rulemaking Board has for the first time has made public its policy on interpretive guidance, an action the MSRB said is consistent with its focus on regulatory clarity and efficiency.

The policy explains the differences between oral and written interpretive guidance, and also discusses situations in which the MSRB cannot provide guidance. The MSRB supplies both forms of guidance in response to requests from regulated entities, including broker-dealers,, municipal advisors, issuers, attorneys, investors and other market participants.

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