11.   Many local officials and underwriters have complained that the SEC is using its enforcement efforts to retroactively apply a higher legal standard to the largely undefined municipal securities arena.

12.   Merrill Lynch made the decision to avoid breaking an industry rule on political contributions by underwriters of municipal securities.

13.   Municipal securities are not subject to the same financial disclosure requirements as corporate securities.

14.   Municipal securities usually offer lower yields than taxable securities because the interest is exempt from federal taxes.

15.   Overall issue of new municipal securities remains light.

16.   Payments were supposed to be made on two securities linked to Gersh, who has failed to make payments on other municipal securities.

17.   PaineWebber Inc. hired Francis K. Mahoney as first vice president and investment banker in its municipal securities group.

18.   PaineWebber Inc. said it named Charles Paviolitis as a managing director in charge of risk management and institutional trading in its municipal securities group.

19.   Some investors have been reluctant to buy tax-exempt securities because of lingering concern that tax laws could be changed, diminishing the value of municipal securities.

20.   The agency order, released today, prohibits Ferber from associating with any broker, dealer or municipal securities dealer.