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6 August, 23:59

A municipal securities firm based in Los Angeles that effects transactions solely on an agency basis places the following advertisement in the local newspaper: "We Are Market Makers Of Large Sizes In Los Angeles General Obligation Bonds" Which statement is TRUE regarding this advertising claim?

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  1. 7 August, 01:18
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    The statement given by municipal securities firm in Local newspaper is prohibited under Municipal Securities Rulemaking Board (MSRB).

    Explanation:

    Municipal Securities Rulemaking Board (MSRB) provides rules for regulation of banks in United States municipal securities market, investor protection rules, broker-dealers and taxable municipal bonds.

    The advertisement given by municipal securities firm in the newspaper is materially untrue. The firm effects transactions solely on agency basis so it carries no inventory and sells out as a dealer. The claim of market makers of a large size in Los Angeles General Obligation Bonds is not true.
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