Reuters: Regulatory News: US muni board eyes protections for retail investors

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US muni board eyes protections for retail investors Oct 2nd 2012, 21:01 Tue Oct 2, 2012 5:01pm EDT Oct 2 (Reuters) - The Municipal Securities Rulemaking Board said on Tuesday it tweaked its proposal aimed at ensuring that individual investors have a shot at fairly priced U.S. municipal bond debt during retail order periods. The board, which writes the rules for the $3.7 trillion muni market enforced by the Securities and Exchange Commission, said it opened a comment period until Nov. 2 on revised amendments designed to ensure that bond dealers adhere to issuers' directives and engage in "fair pricing practices for retail investors." The changes, first proposed in March, would require underwriters to follow an issuer's definition of who qualifies as an individual investor during retail order periods that precede formal pricings of bond deals and to provide detailed information on retail orders that are placed. The MSRB said that after reviewing initial comments, it more narrowly defined deal selling groups and revised its proposal on maintaining records of pricing information. The board said the proposed changes were in response to concerns that some dealers were disregarding terms and conditions set by issuers for the sale of their bonds to individual buyers and whether retail order periods result in fairly priced bonds.

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