Official Statements are exempted from the MSRB advertising rules.

• A. True
• B. False
• C. Only for negotiated offerings
• D. When issued by issuers other than municipalities

Answer: (A)

Official Statements are not subject to MSRB advertising rules because those rules govern materials broker-dealers publish to promote municipal securities, whereas an Official Statement is an issuer-provided disclosure document. It explains the terms, risks, and financial details of the issue for investors, and is part of the formal disclosure process rather than promotional advertising. This means the OS is exempt from the advertising restrictions, though it must still be truthful and complete under antifraud protections and other MSRB/SEC requirements.