31.   With supply drying up, municipal securities are growing more attractive than Treasury bonds to many.

32.   However, to his surprise and anger, the Wuhan municipal state security department asked him to drop the appeal.

33.   The SEC civil case charges violations of federal anti-fraud, books and records and municipal securities laws.

34.   The CSRC would delegate the preliminary power of inspection to municipal securities regulatory units while a final inspection would be conducted by the CSRC itself.

35.   The funds offer high-street investors a portfolio of Russian government and municipal securities with western-style safeguards which did not exist before.