Municipal Securities – Model Tender Offers Risk Disclosures for use after March 31, 2021 Effective Date

SIFMA’s G-17 Model Disclosure Documents are designed to aid compliance and be a starting point for disclosures concerning the underwriter’s role, compensation, and conflicts, as well as regarding the material financial characteristics and risks inherent in certain complex transactions commonly recommended by underwriters. SIFMA makes no representation or warranty as to the accuracy or completeness of the information contained herein and undertakes no obligation to update or modify these documents. Nothing in these model documents is intended to provide, nor should it be interpreted as providing, legal or compliance advice. Each firm should make its own determination as to whether a transaction warrants additional disclosures in accordance with MSRB Rule G-17. Model Documents for Transaction-Specific Risk Disclosures for Complex Municipal Securities Financings. Revised underwriter and risk disclosures to be used for transactions after the March 31, 2021 effective date of the Revised Interpretive Guidance to MSRB Rule G-17.