The Municipal Securities Rulemaking Board, in a letter to Securities and Exchange Commission Chairman Mary Schapiro, expressed concern about companies that advise municipalities but are not registered with regulators. SIFMA welcomed the letter. "Hopefully, [the letter] helps inform the SEC in terms of the MSRB's perception of where to draw the line between advisers and non-advisers," said Michael Decker, managing director and co-head of SIFMA's municipal securities division.

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