SAN FRANCISCO — On the eve of its first field hearing on the municipal securities market here, the Securities and Exchange Commission issued an “investor bulletin” highlighting the key characteristics and risks of munis, while two self-regulators jointly released a notice reminding dealers of their obligations to investors while selling them munis in the secondary market.

The notice was published jointly by the Municipal Securities Rulemaking Board and the Financial Industry Regulatory Authority. It highlights dealers’ responsibilities to fully review and analyze the bonds they sell in order to meet their disclosure, suitability and pricing obligations under MSRB rules G-17 on fair dealing, G-19 on suitability, and G-30 on prices an commissions, as well as federal securities laws.

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