SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) recommending priorities for the MSRB for their FY2013 agenda, MSRB Notice 2012-09.  SIFMA’s members feel that there are a number of risks currently facing the municipal securities market, the most significant of those being the proposed Volcker Rule. In addition, SIFMA urges the MSRB to consider focusing on issues related to: 1) general municipal securities market concerns; 2) regulatory uncertainty; 3) transparency and disclosure in the municipal securities market; 4) leveling the playing field for market participants; 5) fair and efficient regulation; and 6) fees.