SIMFA Suggests Further Revisions to MSRB's Initial Proposed Sophisticated Municipal Market Professional Rules

SIMFA responded with additional proposals to MSRB's request for comment on its proposed sophisticated municipal market professional rules.SIMFA stated that it continues to support MSRB's proposed efforts to clarify Rule G-17 and still supports the requirement that proposed Rule G-48 reference a firm's reduced obligation to SMMPs by cross-referencing with proposed Rule G-48. However, SIFMA also would like to see several additional proposals simultaneously implemented by the MSRB. The SIFMA requests include:

• Proposed Rule D-15: Expanding the definition of Sophisticated Municipal Market Professional;
• Proposed Rule G-48: Limiting a dealer's responsibilities in transactions with Sophisticated Municipal Market Professionals;
• Cross-referencing related rules; and
• Synchronization of effective dates for the proposal, proposed rule G-47, and proposed revisions to rule G-19.

See: Letter.