Contact: Jennifer A. Galloway, Chief Communications Officer
(703) 797-6600
jgalloway@msrb.org
MUNICIPAL SECURITIES RULEMAKING BOARD ISSUES NOTICE
REMINDING DEALERS OF FAIR DEALING OBLIGATIONS TO ISSUERS
Alexandria, VA - The Municipal Securities Rulemaking Board (MSRB) today issued a notice reminding municipal securities dealers of their obligations to deal fairly with issuers of municipal securities. These duties, which are part of MSRB's rules for dealers, require them to "deal fairly with all persons and not engage in any deceptive, dishonest or unfair practice."
Today's notice emphasizes that the MSRB's fair dealing rules apply to dealers' interaction with issuers in connection with the underwriting of municipal securities. "Dealers have an obligation to be open, honest and transparent with issuers, according to the fair practice principles set forth by the industry in business dealings," said MSRB Chair Ronald A. Stack.