The Securities and Exchange Commission has promised to finalize by 2013's first quarter a definition of who qualifies as a municipal adviser. However, Kenneth Bentsen Jr., SIFMA's executive vice president of public policy and advocacy, suggested that the regulator might need more time. "These things have a way of slipping," Bentsen said. The SEC is redefining the term after the Dodd-Frank Act called for tougher regulation.

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