Pennsylvania + Wall


Pennsylvania + Wall provides commentary on a broad range of current financial, economic and regulatory reform topics. The views expressed are those of the authors, and do not necessarily reflect the position of SIFMA.

January 07, 2014

SIFMA: Dealers Not Given Enough Time on MA Rule

By Michael Decker and Leslie Norwood

SIFMA: Dealers Not Given Enough Time on Muni Advisor RuleIn an interview with The Bond Buyer, Michael Decker and Leslie Norwood reiterated SIFMA's warning that dealers have not been given enough time to comply with the SEC's Municipal Advisor Rule which becomes effective on January 13, as the Rule remains unclear without additional guidance.

WASHINGTON - The Securities Industry and Financial Markets Association is very concerned about the imminent effective date of the new municipal advisor rule, warning both that federal regulators have not given banks enough time to comply and that the rule remains unclear absent additional guidance.

SIFMA members were handed too large of a compliance burden when the Securities and Exchange Commission approved its new MA rule in September, Leslie Norwood, managing director, associate general counsel and co-head of the muni group along with Michael Decker, who is also a managing director, both said in an interview.

The SEC specified that the rule become effective 60 days after its publication in the Federal Register, an action that was delayed by a government shutdown but eventually took place in November. The rule now becomes effective Jan. 13.

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Michael Decker
Managing Director, Municipal Division

Leslie Norwood
Managing Director and Associate General Counsel, Municipal Division



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