The Municipal Securities Rulemaking Board's Rule G-43 outlines the duty of a broker's broker to strive for fair and reasonable prices for municipal bonds. SIFMA has released guidance intended to help companies comply with the rule. David Cohen, managing director and associate general counsel at SIFMA, said the association's broker's broker committee originated the best practices. "They felt there were some gaps and the market would benefit from some uniform practices," Cohen said. "We thought it was helpful to develop some uniform practices [in areas] that G-43 was silent on as well as to highlight the fair-dealing obligations of all of the parties in the bid-wanted process." Read SIFMA's MSRB Rule G-43 best practices.

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