WASHINGTON — The Securities and Exchange Commission approved rule changes late last week that will restrict underwriters from using the phrase “not reoffered,” or “NRO,” in written or electronic communications about new issues of municipal securities.

The amendment, which takes effect Nov. 1 and modifies the Municipal Securities Rulemaking Board’s Rule G-34 on new issue and market information requirements, prohibits dealers from using the NRO term in communications unless they also report price or yield information.

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