Morgan Keegan Gets Exemption for Arkansas School Deals

Albanese, Elizabeth
May 2003
Bond Buyer;5/16/2003, Vol. 344 Issue 31637, p3
Trade Publication
The Arkansas Securities Commission granted Morgan Keegan & Co. an exemption from a state law that prohibits firms that serve as financial advisers to school districts from bidding on their bonds in competitive sales. The ruling follows an action that gave the same exemption to Little Rock-based Stephens Inc. The two firms handle the majority of financial advisory work for the state's 310 school districts, with Stephens representing about 70% of Arkansas school districts and Morgan Keegan and Raney & Beardsley Inc. dividing the rest of the systems. Under the terms of the exemption, Morgan Keegan must disclose in preliminary official statements that it plans to submit bids for bond issues sold by districts the firm represents and that any winning bids submitted by Morgan Keegan are subject to same-day approval by the Arkansas securities commissioner, Michael Johnson.


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