WASHINGTON — The Financial Industry Regulatory Authority is preparing to take enforcement action against certain firms for selling municipal bonds to retail customers without disclosing material information, including that the bonds’ credit ratings had been spiraling downward, a FINRA official said Thursday.

Speaking on a municipal securities panel at the Securities Industry and Financial Markets Association’s Compliance and Legal Seminar, Malcolm Northam, FINRA’s director of fixed income, said the agency also will take a series of enforcement actions this year against firms for excessive markups and markdowns of municipal securities.

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