The Municipal Securities Rulemaking Board has asked Congress to boost the board's authority to regulate market participants that provide crucial services to municipal issuers but are currently unregulated. Members of the broker-dealer community as well as issuers applauded the move. "It would be easiest if the same entity that regulates broker-dealers engaging in financial advisory work would regulate currently unregulated financial advisers undertaking those same activities in the municipal market," said Leslie Norwood, managing director and associate general counsel at SIFMA.

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