Upon customer request, a dealer in a competitive municipal syndicate must disclose:

• A. the spread taken by the underwriters
• B. order priority provisions
• C. names of syndicate members
• D. name(s) of the person(s) from whom orders have already been received

Answer: (B)

In a competitive municipal underwriting, investors need to know how their orders will be handled and filled. The key idea here is that the dealer must disclose the order priority provisions when a customer asks. These provisions explain how orders are ranked and allocated for the new issue—for example, whether there’s a pro rata allocation, any special preferences, or other rules that determine which orders get filled first. This directly affects a customer’s potential fill and ensures transparency in the allocation process, which is why it’s the required disclosure.

The other items aren’t mandated to be disclosed on request. The underwriting spread is a pricing detail that may be shown in official documents but isn’t the disclosure being tested here. The names of syndicate members or the names of people from whom orders have already been received are not information that must be disclosed to a customer on request and could involve confidentiality.