The manager of a new issue municipal syndicate wants to allocate securities in a different manner than specified in the syndicate agreement. He may do this if he?

The manager of a new issue municipal syndicate can allocate securities in a different manner than specified in the syndicate agreement if he is prepared to justify the change to the syndicate members. This reflects the importance of transparency and accountability within the syndicate. The manager must communicate the rationale behind any deviation from the original agreement to ensure that all members are informed and can assess the proposed changes. This helps maintain trust and integrity in the syndicate’s operations and decision-making processes.

The need for justification emphasizes that managerial decisions should consider the interests of all participants involved in the syndicate. It ensures that any alterations in the allocation are reasonable and well-founded, preventing arbitrary or capricious actions that could undermine member confidence.

Other options may suggest regulatory compliance or stakeholder consultations, but the core requirement here focuses on intra-syndicate communication and member agreement, reflecting the governance principles that guide syndicates in their operations.