SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on a proposed pay-to-play rule for municipal advisors, Proposed Rule G-42, MSRB Notice 2011-04. SIFMA strongly supports the goal of eliminating “pay-to-play” practices from the business of municipal advisors with state and local government entities. SIFMA shares concerns regarding the scope, timing, and operation of the proposed rule. Due to the potential and serious collateral consequence of the MSRB Proposed-Rule G-42 with Securities and Exchange Commission (SEC) rulemakings to implement Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), SIFMA sent a companion letter dated February 25, 2011 to the SEC highlighting their concerns.