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    <title>Reference date</title>
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    <description>An issuer of municipal debt securities must satisfy the Regulations&#039; eligibility and compliance criteria as on the reference date, being the date the draft offer document or preliminary placement memorandum is filed with the Board and the date the offer document or placement memorandum is filed with or registered by the Board or the Registrar of Companies, as applicable.</description>
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      <description>An issuer of municipal debt securities must satisfy the Regulations&#039; eligibility and compliance criteria as on the reference date, being the date the draft offer document or preliminary placement memorandum is filed with the Board and the date the offer document or placement memorandum is filed with or registered by the Board or the Registrar of Companies, as applicable.</description>
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