Proposed rule changes from the Municipal Securities Rulemaking Board relating to retail-order periods were largely supported by dealer groups, including SIFMA, despite its original stance that the MSRB could rely on existing guidance. "Now the MSRB has decided to reorganize some of its interpretive guidance associated with MSRB Rule G-17 into new or revised rules," said David Cohen, SIFMA's associate general counsel and managing editor. "Consequently, we support the proposed rule changes to the extent they would protect dealers that follow issuers' instructions and require timely notice of retail-order period terms and conditions to all syndicate and selling group members."

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