The Municipal Securities Rulemaking Board recently released new guidance in the form of frequently asked questions and answers, covering underwriter disclosure requirements under the agency's fair dealing rule. However, market participants say additional guidance is needed. "These FAQs are a step in the right direction, but fall short in certain respects," said David Cohen, SIFMA's managing director and associate general counsel. View SIFMA's just released Best Practice Recommendation on Disclosures Regarding Choice of Underwriters' Counsel in Municipal Securities Transactions. Add the SIFMA G-17 Model Disclosures Resource Center to your browser favorites.