WASHINGTON - The National Association of Bond Lawyers has finished a draft of the most comprehensive municipal bond disclosure guidance for attorneys and other market participants in more than 15 years, and is asking various market participants for comments before finalizing it.

The draft - which took a team of about 15 lawyers led by John McNally, a partner at Hawkins Delafield & Wood LLP, almost three years to complete - is an update of NABL's Disclosure Roles of Counsel. The book was first published in 1987 but has not been revised since 1994.

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