WASHINGTON — In an effort to prevent a recurrence of past abuses by broker's brokers, the Municipal Securities Rulemaking Board has issued a new draft rule that details what they must do to comply with pricing, fair-dealing, and transaction rules.
The new draft Rule G-43, issued Thursday in an eight-page release, is similar to draft guidance the board issued last September, sparking criticism from industry groups. They warned the guidance was inconsistent with the limited roles that broker's brokers play and would impede the efficiency of the interdealer market.
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