WASHINGTON — Independent financial advisers are warning the Securities and Exchange Commission that the Municipal Securities Rulemaking Board’s proposed changes to Rule G-23 contain loopholes that would allow dealer-financial advisers to switch roles and become underwriters in the same muni transactions.
Broker-dealer groups, however, are questioning the need for the rule changes and worry they go too far. They are urging the SEC and MSRB to exempt small issuers and competitive transactions from the proposed changes, which generally would prohibit dealer-FAs from becoming underwriters in the same muni transactions.
Register or login for access to this item and much more
All On Wall Street content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access