The Municipal Securities Rulemaking Board has asked the Securities and Exchange Commission to approve a new rule that would govern the activities of broker’s brokers, which typically provide secondary market liquidity for retail investors in the municipal securities market.

The board filed the proposed new Rule G-43, along with proposed amendments to its Rules G-18 on execution of transactions, G-8 on record keeping and G-9 on record retention with the SEC on Monday, urging they become effective six months after approval by the commission. The SEC must publish the rule for public comments before approving it.

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