The Chairman of a bank municipal broker-dealer is on the town council involved in a negotiated municipal bond underwriting being performed by that municipal broker-dealer. Under MSRB rules, which statement is TRUE regarding disclosure of the relationship?
A. The relationship need not be disclosed to any purchaser of the bonds
B. The relationship must be disclosed to customers in writing no later than at confirmation of sale
C. The relationship must be disclosed only if the municipality agrees in writing to such disclosure
D. The relationship must be disclosed only if the broker-dealer is the sole underwriter on the issue

The Municipal Securities Rulemaking Board, (MSRB) is responsible for creating all the rules and policies for investment firms and banks. Under these rules, they state that the relationship must be disclosed to customers in writing no later than at confirmation of that sale. This is so that both the buyer and seller are in agreement with all the fine details before finalizing the deal and transferring the security or cash and are not met with undisclosed terms.