DALLAS — Bond dealers who claim the role of market maker in the pricing of municipal securities can run afoul of regulators unless they qualify with the Securities and Exchange Commission, warned Malcolm Northam, director of fixed-income ­securities at the Financial Industry ­Regulatory Authority.

Northam joined Elaine Greenberg, chief of the SEC’s municipal securities unit, and Steven Chamberlin, manager for tax-exempt bonds at the Internal Revenue Service, in a discussion about the current regulatory ­environment for municipal bond dealers last week at the Bond Dealers of America’s National Fixed Income Conference & Technology Summit in the ­Dallas suburb of Irving.

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