A proposed rule from the Municipal Securities Rulemaking Board for governing sophisticated municipal market professionals met with general approval from dealers. However, they also suggest the rule should explicitly spell out areas in which dealers have fewer obligations to SMMPs. "We think they got it right on the substance," said David Cohen, SIFMA's managing director and associate general counsel. But, he added, "We think those rules in themselves should say there are reduced obligations to SMMPs." Read the SIFMA letter.

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