What is the role of fair dealing in the MSRB framework?

• A. Ensuring that all customers are treated fairly and that information related to securities is accurate and timely.
• B. Favoring large institutional clients.
• C. Reserved for underwriters only.
• D. Irrelevant to MSRB.

Answer: (A)

Fair dealing in the MSRB framework means treating all customers fairly and making sure information about municipal securities is accurate and timely. This principle guides how brokers and dealers interact with clients, ensuring there’s no favoritism, misrepresentation, or withholding of material facts. It covers communications, quotes, disclosures, and the overall conduct of municipal securities transactions to preserve trust and integrity in the market. So, ensuring fair treatment for every customer and reliable, up-to-date information best describes the role.