SIFMA today released the following statement from Leslie Norwood, co-head of SIFMA’s Municipal Securities Division on the Municipal Securities Rulemaking Board’s (MSRB) announcement to withdrawseveral municipal advisor rule proposals, which were pending with the Securities and Exchange Commission (SEC):
“We welcome the MSRB's announcement that the Board has withdrawn several regulatory proposals related to municipal advisors. We have argued to the Board that rulemakings related to municipal advisors would be premature until the SEC finalizes its rules governing municipal advisor registration. SIFMA voiced the difficulty associated with commenting on a regulatory compliance regime for municipal advisors in a vacuum when the definition is not final as to who is a municipal advisor or what types of activities are covered. We look forward to working with the Board on the range of issues affecting municipal advisors once the SEC addresses the questions of what constitutes advice and who is an advisor.”