SIFMA provides comments to the Securities and Exchange Commission (SEC) requesting time-limited relief from enforcement of the portions of the Municipal Advisor Rule that become effective on January 13, 2014.

SIFMA believes the relief is essential and justified given that the anticipated staff interpretive guidance has not yet been released on the penultimate business day prior to the Rule’s effective date, it will be impossible for firms to incorporate the guidance into their compliance plans and to disseminate that information effectively to their own personnel, let alone their clients, prior to the Rule’s effective date on January 13.