A broker-dealer settled SEC charges for operating as an unregistered municipal advisory firm by providing advice to a municipality regarding securities that were purchased with the proceeds from an issuance of bonds.
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Three municipal bond underwriters settled SEC charges for failing to provide sufficient disclosure to investors in connection with the sale of municipal securities.
The SEC Division of Examination identified common compliance deficiencies found during examinations of municipal advisors.
The SEC approved MSRB amendments to Rules G-19 and G-48 to eliminate the potential for regulatory arbitrage and establish a "uniform standard of investor protection" for transactions in municipal securities by retail investors.
Comments on an MSRB proposal to amend its suitability rules to align Regulation Best Interest standards for bank municipal securities dealers are due by May 31, 2022.