According to MSRB rules, which item is not considered an advertisement?

The reasoning behind identifying 'Official Statements' as the correct answer lies in the specific definitions set forth by the Municipal Securities Rulemaking Board (MSRB). Official Statements are documents that provide detailed information about a municipal security offering, including the purpose of the bond, financial data, and descriptions about the issuer. They are a mandatory part of the disclosure process, intended primarily for investors to make informed decisions rather than function as promotional material.

In contrast, the other options—Offering Circulars, Market Letters, and Summaries of Official Statements—serve promotional or informational purposes that can be characterized as advertisements. Offering Circulars aim to attract investors by presenting information in a way that highlights investment attractiveness. Market Letters typically provide opinions on the performance of securities, which can influence buying decisions. Summaries of Official Statements condense critical information from the official documents to present a more digestible format for potential investors, encouraging engagement with the securities being offered.

This distinction aligns with MSRB's focus on regulatory compliance and ensuring transparency in the municipal securities market, which is fundamentally different from the role of an Official Statement. Therefore, it is accurate to conclude that Official Statements are not considered advertisements under MSRB rules.