WASHINGTON - The Municipal Securities Rulemaking Board, growing increasingly concerned that some brokers may be selling unsuitable bonds to small investors, will soon launch a major study to determine whether new rules are needed, a board official said yesterday.

"The board is concerned about practices in the area and is beginning a wide-ranging study," said Christopher Taylor, executive director of the MSRB, which voted to conduct the study at a quarterly meeting in Santa Fe, N.M., late last week.

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