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The MSRB provided guidance to investment advisers on the application of certain investor/customer protections. The new guidance relates to transactions for managed accounts in which a registered investment adviser is exercising discretion to buy and sell municipal securities on behalf of the account holder.

The SEC's proposal to grant exemptive relief from the immediate confirmation delivery requirements for transactions effected in shares of certain money market funds that maintain a stable net asset value ("NAV") was published in the Federal Register. Specifically, the order would exempt, subject to certain conditions, transactions effected in shares of any registered open-end management investment company that holds itself out as an ICA Rule 2a-7 money market fund from the immediate confirmation delivery requirements in Exchange Act Section 36 and Exchange Act Rule 10b-10. Comments on the