The Securities and Exchange Commission late Friday approved a controversial set of rule changes floated by the Municipal Securities Rulemaking Board that will dictate the priority of retail and other customer orders in primary offerings, as well as dealers' related record-keeping responsibilities.

Approval of the proposal, which was announced Monday morning by the board, comes two weeks after the MSRB submitted changes to the proposal that would put it in line with an original, comprehensive "priority of orders" proposal floated last November, rather than a significantly pared-down version the board agreed to move forward with in the spring.

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