Rep. Steve Stivers, R-Ohio, recently introduced legislation that would define "municipal advisor" for regulatory purposes. SIFMA supports the Municipal Advisor Oversight Improvement Act of 2013, but some groups are raising concerns about it. "[This] bill just clarifies the already-existing underwriter exclusion, but would also ensure that a dealer is engaged explicitly by a client to be an advisor ... would have a fiduciary duty," said Michael Decker, co-head of municipal securities at SIFMA. Read Decker's blog post on the legislation.
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