WASHINGTON -- Municipal securities dealers appear to be complying with the MSRB's pay-to-play rule, based on recent spot checks of 25 to 30 firms by the National Association of Securities Dealers, an NASD official said yesterday.

"There generally was compliance with the rule," Walter Robertson, the NASD's director of compliance, said in an interview yesterday. "I think there were only two problems and they were not significant problems."

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