Regulatory Notice 16-10

Direct Purchases and Bank Loans as Alternatives to Public Financing in the Municipal Securities Market

The Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board (MSRB)1 are providing guidance to remind firms of their obligations in connection with privately placing municipal securities directly with a single purchaser and of the use of bank loans in the municipal securities market.

Questions concerning this Notice should be directed to:

  • Cynthia Friedlander, Director, Fixed Income Regulation, Regulatory Operations, at (202) 728-8133; or
  • Victoria Crane, Associate General Counsel, Office of General Counsel, at (202) 728-8104.