Under MSRB rules, if a Final Official Statement is not yet ready at the time of settlement of a purchase of a new municipal securities issue, the customer would receive a:

• A. apology letter
• B. copy of the Prospectus
• C. copy of the Preliminary Official Statement
• D. abstract of the Official Statement

Answer: (C)

When a final Official Statement isn’t ready at settlement for a new municipal issue, the document that must be provided to the customer is the Preliminary Official Statement. This preliminary document gives investors the essential disclosure available at that time, including the issuer, security details, estimated yields, and other material information, with the understanding that some details may be finalized later in the Final Official Statement. The Final Official Statement is issued later and delivered once available. The other options don’t fit because an apology letter has no regulatory role, a corporate-style Prospectus isn’t used for municipal bonds, and an abstract isn’t the standard delivery document.