General Securities Sales Supervisor (Series10) Practice Exam

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Under MSRB Rule G-32, when must a customer be delivered the Official Statement for a municipal fund security?

After a non-periodic purchase
After a periodic purchase
After a non-periodic purchase and revised OS
After any form of purchase or if the OS is changed

The correct answer is: After any form of purchase or if the OS is changed

In the context of MSRB Rule G-32, the requirement states that customers must be provided with the Official Statement (OS) for a municipal fund security after any type of purchase, whether it is a non-periodic or a periodic purchase, and additionally, if there are any revisions made to the Official Statement. This rule is designed to ensure that customers have access to essential information about the securities they are purchasing, including any material changes that may affect their investment decision. The rationale behind this requirement emphasizes transparency and consumer protection, ensuring that investors are fully informed before making financial commitments. By stipulating that the OS must be delivered post-purchase or upon any revisions, the rule underscores the importance of keeping investors updated, thus fostering trust and compliance within the municipal securities market.