The Municipal Securities Rulemaking Board has asked municipal-bond issuers to improve the transparency of their bank loans by disclosing the information through the online Electronic Municipal Market Access system. Industry groups are largely in favor of the effort. Leslie Norwood, co-head of SIFMA's muni division, welcomed the move, saying it will make EMMA more useful, but she did raise some concerns. "Clarifying the roles of the parties, as well as the products, is critical to the industry understanding their duties and responsibilities. SIFMA feels it is important for the SEC and MSRB to clarify the differences between bank loans and securities."

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