Morgan Stanley Smith Barney and Morgan Stanley & Co. have been fined $1 million by the Financial Industry Regulatory Authority (FINRA) it was announced today.

The firm must also pay $188,000 in restitution plus interest for failing to provide best execution in certain customer transactions involving corporate and agency bonds. The firm also failed to provide a fair and reasonable price in certain customer transactions involving municipal bonds. The restitution is in addition to compensation paid by Morgan Stanley previously to customers for transactions under this settlement.

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