Which of the following are NOT considered to be advertising by the MSRB? I Official Statements II Prospectuses III Circulars IV Form letters

• A. I and II only
• B. III and IV only
• C. I, II, and III
• D. I, II, III, IV

Answer: (A)

Advertising under MSRB rules means promotional communications aimed at attracting business or selling municipal securities to the public or a broad audience. Official Statements and Prospectuses are mandated disclosure documents used in the issuance process to inform investors about the specific security, its features, and risks. They’re not designed to persuade or solicit business, but to provide required information, so they’re not considered advertising. Circulars and Form letters, on the other hand, are typical promotional communications directed to customers and potential investors and are treated as advertising because they’re used to promote or discuss specific municipal securities. So, the materials that are not advertising are Official Statements and Prospectuses.