An issuer's obligation to provide ongoing financial information for the term of a borrowing is known as what?

The obligation of an issuer to provide ongoing financial information throughout the term of a borrowing is known as continuing disclosure. This process is crucial for maintaining transparency and ensuring that investors have access to important financial and operational updates that may affect their investment's risk and return profile.

Continuing disclosure is typically required by regulatory bodies and is focused on keeping the market informed about the issuer's financial condition, including any material changes that occur after the initial offering. This ongoing communication helps foster market integrity and protects investors by ensuring they have the most current information regarding the issuer's performance and financial health.

The other options, while related to financial reporting, do not specifically capture the continuous nature of the obligation that continuing disclosure entails. Periodic reporting refers to reports that may be filed at specified intervals but does not necessarily encompass the full scope of ongoing information required by continuing disclosure. Mandatory transparency implies a general requirement for openness but lacks the formal definition associated with continuing disclosure. Annual financial statements are important financial documents but only represent a snapshot of the issuer's financial condition at a specific point in time, rather than an ongoing requirement throughout the borrowing's term.