Sifma looks to work with MSRB on municipal adviser rule proposals

By Jennifer Chiou

New York, Sept. 13 - The Securities Industry and Financial Markets Association released a statement from Leslie Norwood, co-head of the municipal securities division, on the Municipal Securities Rulemaking Board's announcement that it withdrew several municipal adviser rule proposals that were pending with the Securities and Exchange Commission.

"We welcome the MSRB's announcement that the board has withdrawn several regulatory proposals related to municipal advisers," Norwood said in the Sifma news release.

"We have argued to the board that rulemakings related to municipal advisers would be premature until the SEC finalizes its rules governing municipal adviser registration. Sifma voiced the difficulty associated with commenting on a regulatory compliance regime for municipal advisers in a vacuum when the definition is not final as to who is a municipal adviser or what types of activities are covered."

She added: "We look forward to working with the board on the range of issues affecting municipal advisers once the SEC addresses the questions of what constitutes advice and who is an adviser."

In its announcement, MSRB said it plans to resubmit the rule proposals once the SEC adopts a permanent definition of the term "municipal adviser" under the Securities Exchange Act.

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