Series 7 exam question

Here is a question on Municipal bond underwritings from the series 7 exam

Regarding a municipal bond underwriting, which of the following is a violation?

(A) An MSRB member that acts as a financial advisor for the issuer submits a competitive bid with the issuer's approval.
(B) An MSRB member that acts as the advisor to the issuer offers the new bonds to a list of current bondholders obtained from the issuer.
(C) An MSRB member who is a financial advisor to an issuer terminates the relationship to submit a negotiated bid
(D) An MSRB member that had a financial advisory relationship with the issuer discloses its total compensation for a negotiated underwriting.

(B) A firm may never use the information it obtains from an issuer to solicit sales or new business.

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