Broker-dealer PNC Capital Markets agreed to pay nearly $200,000 and be censured to resolve Securities and Exchange Commission (SEC) allegations it violated rules related to limited offerings of municipal securities.

The SEC requires underwriters who make primary offerings of municipal securities worth $1 million or more to obtain a “continuing disclosure agreement” from the issuer of the securities confirming the issuer will provide information on a continuing basis to the Municipal Securities Rulemaking Board.

The agency allows an exemption to the disclosure rule if the securities are sold in denominations of $100,000 or more to 35 or fewer sophisticated investors whose intent is to invest. These requirements are “designed to prevent fraud in primary offerings of municipal securities,” the SEC said.