As part of its efforts to regulate municipal advisors under Dodd-Frank, the MSRB proposed a new Rule G-44, analogous to Rule G-27 that applies to broker-dealers, but with some differences that would regulate stand-alone municipal advisors less stringently. Many broker-dealers regulated under G-27 are also municipal advisors and thus the proposed rule would favor one business model over another and would provide less protection for issuers who deal with stand-alone municipal advisors. The BDA comments are available here.
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