WASHINGTON — The Securities Industry and Financial Markets Association has released some best practice guidance designed to help firms comply with the Municipal Securities Rulemaking Board's Rule G-43 on broker's brokers.

Rule G-43, which was approved by the Securities and Exchange Commission in June 2012 and became effective on Dec. 22, 2012, affirms a broker's broker's duty to make a reasonable effort to obtain a fair and reasonable price for municipal securities and reminds selling and bidding dealers of their fair-pricing obligations. The MSRB also issued a related interpretative notice for dealers using the services of a broker's broker.

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