MSRB asks SEC to approve disclosure guidance for underwriters

The Municipal Securities Rulemaking Board has requested approval for Rule G-17 from the Securities and Exchange Commission. The rule governs fair dealing for underwriters, but does not yet cover municipal advisers. It requires underwriters to disclose to municipal borrowers any potential conflicts of interest. Leslie Norwood, managing director and associate general counsel of SIFMA, said the group would review the proposal and make its comments to the SEC. Norwood expressed disappointment that the MSRB did not release the proposal for another round of public comments.

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