Municipal debt securities disclosure rules expand with ESG issuance, electronic advertising, SPV financing, and detailed offer-document requirements. Municipal debt securities disclosure and issuance rules are amended to define retail individual investor and working day, recognise ESG debt securities, regulate pooled financing through special purpose vehicles, permit electronic issue advertisements with QR code notices, and allow targeted investor incentives. The amendments also expand disclosure schedules, including a new Schedule IB for special purpose vehicles, with detailed requirements on governance, project details, financial information, borrowings, legal matters, government approvals, undertakings, documents, risk factors, and refinancing disclosures.