WASHINGTON — The Financial Industry Regulatory Authority highlighted “key risk areas” for muni broker-dealers this week, warning that its exams will focus on whether incomplete disclosures and financial information from an issuer prevent retail customers from making informed investment decisions, as well as whether underwriters engage in bid-rigging and pay-to-play practices to secure muni business.

The areas of focus for exams were detailed in a 16-page annual letter sent to FINRA members’ chief compliance officers and posted on its website one month after the self-regulator adopted a risk-based compliance program for muni dealers.

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