The Financial Industry Regulatory Authority’s municipal market priority this year will be to ensure that brokers adequately disclose the risks associated with tax-exempt bonds backed by revenue from private and nonprofit entities, which have significantly higher default rates than general obligation bonds.

FINRA’s 2013 regulatory and examination priority report, released in January, noted that not all munis have equal security, and that brokers sometimes fail to tell customers about the risks associated with certain types of bonds.

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