Which statement best describes the MSRB requirement for risk disclosures in Official Statements?

• A. Risk factors must be disclosed in continuing disclosures and not in Official Statements.
• B. Risk factors must be disclosed only in continuing disclosures if required.
• C. Risk factors may be omitted if issuer believes investors understand the risk.
• D. Risk factors must be clearly disclosed in Official Statements and continuing disclosures.

Answer: (D)