MSRB Withdraws Pending Municipal Advisor Rule Proposals (Notice)

MSRB Notice No. 2011-51

September 12, 2011

The MSRB withdrew its rulemaking proposals relating to the operation of "municipal advisors," a new type of entity created under Dodd-Frank. The MSRB stated that the proposals will be withheld until the SEC adopts final rules defining the term "municipal advisor." The relevant provision of Dodd-Frank and the SEC proposed implementing rules have each came under significant scrutiny from industry commenters and members of Congress from both political parties.

For more information about this document, you may contact one of the following Cadwalader attorneys: Lary Stromfeld; Terence Workman.

Cross References

Dodd-Frank § 975

Exchange Act § 15B

76 Fed. Reg. 824 (SEC Release No. 34-63576) (Jan. 6, 2011) (SEC proposed rules)