ATLANTA — Dealers are calling for the Municipal Securities Rulemaking Board to revise and clarify several aspects of draft interpretive guidance that outlines the steps they must take to ensure the prices they charge customers when buying and selling municipal securities are fair and reasonable.
The guidance is designed to harmonize the method in which the prevailing market prices for munis are determined with rules implemented by the Financial Industry Regulatory Authority in 2007 for other types of debt. But dealers complained in comment letters filed with the board that the proposed guidance is too inflexible and would not fit the eccentricities of the muni market.
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