The Municipal Securities Rulemaking Board filed rule changes with the Securities and Exchange Commission on Monday that are designed to ensure underwriters follow issuers’ orders that a certain amount of their bonds be offered to retail investors at the initial offering price.

“The proposed rule change addresses concerns related to retail order periods presented from issuers, dealers and municipal advisors,” the MSRB said in its filing. “Those concerns include the mischaracterization of orders as “retail” and the failure of syndicate managers to disseminate timely notice of the terms and conditions of a retail order period to all dealers, including selling group members.

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