The Municipal Securities Rulemaking Board released a new draft Rule G-42 called "Duties of Non-Solicitor Municipal Advisors," which would govern muni advisors' conduct. Broker-dealers are concerned that the rule's prohibition on conducting business with an issuer outside an advisory relationship could force muni advisors affiliated with dealers out of the market. "We feel it unnecessarily limits issuer choice," said Leslie Norwood, co-head of the municipal securities group at SIFMA. "It really makes no sense to us." Read SIFMA's statement on the MSRB proposal.

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