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.

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

Don't have an account? Register for Free Unlimited Access