I. MUNICIPAL SECURITIES DISCLOSURE

The Commission is adopting amendments to Rule 15c2-12 under the Securities Exchange Act Of 1934. The purpose of the amendments is to further deter fraud and manipulation in the municipal securities market by prohibiting the underwriting and subsequent recommendation of securities for which adequate information is not available. As a result of the amendments, purchasers of municipal securities in the secondary market will have the benefit of substantially the same type of information enjoyed by purchasers in primary offerings,

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