UBS Financial Services will pay more than $10m to resolve charges that the firm broke rules aimed at giving retail investors priority access in buying fresh municipal bonds, the Securities and Exchange Commission said on 20 July.

Cities and school districts issuing municipal debt for building projects can choose to give first priority to small investors. Governments sometimes want to help local residents, and retail-held bonds tend to change hands less frequently, often keeping prices stable. The Municipal Securities Rulemaking Board mandates that brokers the governments hire to sell the bonds follow issuers’ wishes regarding priority.