Municipal Securities Underwriters Pay a Total of $325,000 in Fines

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The U.S. Securities and Exchange Commission announced on Dec. 16, 2026 that NASD Regulation Inc. censured and fined 21 securities firms, totaling $325,000, for violations of Rule G-36 of the Municipal Securities Rulemaking Board, which requires underwriters to send official statements from municipal offerings to the MSRB within one day of receipt, and no later than 10 days from the agreement to purchase the securities. The Comptroller of the Currency separately sanctioned Commerce Capital, a Division of Commerce Bank, N.A., $10,000 for similar violations, following a coordinated effort by the SEC, NASD Regulation, Inc., and the OCC. Individual firm fines ranged from $10,000 to $25,000, with firms such as Bear, Stearns & Co. Inc., Goldman, Sachs & Co., J.P. Morgan Securities Inc., PaineWebber Incorporated, Prudential Securities Incorporated, Smith Barney Inc., and Sutro & Co. Inc. each fined $25,000. Chairman Arthur Levitt stated that the actions serve as “a wake-up call to municipal securities underwriters” and emph

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