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.
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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