Series 54: 1.1.1. Indirect Enforcement Through Underwriters

Taken from our Series 54 Online Guide

1.1.1. Indirect Enforcement Through Underwriters

Because of concern that the previous would infringe on states’ rights, the Tower Amendment was included in the Securities Acts Amendments to ensure that the MSRB and the SEC would not have the authority to require municipal issuers to file their securities with federal regulators.

In order to get around this rule and impose some indirect regulation on issuers, Rule 15c2-12 was adopted by the SEC in 1989. This rule prevents municipal securities dealers from selling municipal securities unless the issuers h

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