According to an article in the Bond Buyer, the staffs of Rep. Gwen Moore, D-Wis., and Dold have spent the last several weeks meeting with market participants and hammering out a municipal advisor definition that will likely receive bipartisan support.
Dold introduced the bill to address concerns that the Securities and Exchange Commission’s initial MA definition, which was in temporary registration rules that took effect in 2010, was overly broad.
BDA supplied input as the bill was being amended, supporting regulatory parity between dealer and nondealer advisors, but agreed the original SEC definition was problematic. The BDA said the narrowed definition in Dold’s bill could pave the way for the SEC to finalize its definition, which would allow the MSRB to proposed rules.
“We are basically just happy that [lawmakers and their staff] are moving forward with some clean up … to narrow the definition,” [Susan] Collet said. “We need the SEC to act.”
The full Bond Buyer article can be found [here.]
