WASHINGTON — The combination of having at least three of the proposed 10 “industry” seats on its expanded board dedicated to nondealer muni advisors, along with the establishment of a council of advisors to bounce ideas off the board, will ensure that advisors are fairly regulated beginning Oct. 1, the Municipal Securities Rulemaking Board is insisting.
The MSRB made its arguments in a seven-page letter to the Securities and Exchange Commission late Thursday after several nondealer advisors criticized its proposals for the temporary expansion, claiming the industry seats would be too weighted toward regulated banks and securities firms.
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