Underwriter disclosure letters required under the Municipal Securities Rulemaking Board’s fair dealing rule continue to cause confusion and apprehension among issuers, members of the Government Finance Officer’s Association’s debt committee said at a meeting on Saturday.

Two months after the MSRB issued guidance on what its August 2012 interpretive notice on Rule G-17 requires, GFOA debt committee members said issuer officials remain frequently confused and concerned about letters from underwriters that disclose the arm’s length nature of their relationships.

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