Investment of Proceeds of Municipal Securities – SEC Censures Bank of America Securities for Rigging Bids
Abstract:The SEC is the regulator of the US capital market. When investors purchase municipal securities, the issuer parks the proceeds in reinvestment products until such time as they are required. Bank of America Securities (BAS) was recently censured by the SEC for rigging bids.
This article describes the background and regulatory violations that led this SEC action.
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