NEW YORK CITY — The ­Financial Industry Regulatory Authority is conducting an ­inquiry into “flipping” and the Municipal Securities Rulemaking Board is too aligned with dealers and needs more public members, regulators said here yesterday.

At the Securities Industry and Financial Markets Association annual legal and compliance conference, Malcolm Northam, FINRA’s director of fixed-income regulation, announced that FINRA is conducting an informal look at new-issue retail order periods, to address concerns about the potential for flipping.

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