In an unusual statement, four commissioners on the Securities and Exchange Commission called on industry bodies to finish rules on the disclosure of mark-ups and mark-downs on municipal bonds -- and threatened agency action if not done. "We encourage the Financial Industry Regulatory Authority and the Municipal Securities Rulemaking Board to complete rules mandating transparency of mark-ups and mark-downs, even in riskless principal trades," said the letter signed by every commissioner but Chairwoman Mary Jo White. "If not, we believe the Commission should propose rules to address this important issue." They said the case announced Thursday against Edward J. Jones highlights the need for clear rules.
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