SIFMA provides comments to the Securities and Exchange Commission (SEC) regarding a notice of filing with the SEC of a proposed rule change by the Municipal Securities Rulemaking Board (MSRB) consisting of interpretive guidance on disclosure and other sales practice obligations to individual and other retail investors in municipal securities, Release No. 34-60359; File No. SR-MSRB-2009-08. SIFMA is supportive of disclosure generally and efforts to increase investor confidence in the municipal securities market, but has some concerns regarding the proposed rule change.