SIFMA provides comments to the Securities and Exchange Commission (SEC) to highlight a potential and serious collateral consequence of an interaction between a proposed Municipal Securities Rulemaking Board (MSRB) on MSRB Proposed Rule G-42 (MSRB Notice 2011-04) and the SEC’s rulemaking to implement Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). This letter serves as a companion letter to SIFMA’s letter to the MSRB on the subject on February 25, 2011. SIFMA shares concerns that the SEC’s rulemakings unintentionally exclude broker-dealer placement agents from coverage under a pay-to-play regime.  SIFMA renews their previous requests to the SEC that the SEC ensure that broker-dealer placement agents are covered by a single, non-duplicative, and jurisdictionally sound pay-to-play regime no later than September 13, 2011.