dealers. Except as provided in the rules and regulations of the Municipal Securities Rulemaking Board no broker, dealer, or investment certificates dealer that has a financial advisory relationship with respect to a new issue of investment certificates shall acquire as principal either alone or as a participant in a syndicate or other similar account formed for the purpose of purchasing, directly or indirectly, from the issuer all or any portion of such issue, or arrange for such acquisition or participation by a person controlling, controlled by, or under common control with such broker, dealer, or investment certificates dealer.
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