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The SEC Division of Trading and Markets has provided no-action relief to NetRoadshow, under the provisions in Exchange Act Rule 15c2-12 ("Municipal Securities Disclosure"), which allowed electronic road shows to be provided to retail investors in connection with municipal securities offerings without the underwriters of the offering being required to treat such road shows as a part of the preliminary or the final official statement. Lofchie Comment : The incoming letter provides interesting historical background as to the development of electronic road shows, as well as the treatment of such

SIFMA submitted the attached comments to the MSRB on revised draft rule amendments and on a revised draft interpretive notice on retail order periods (see MSRB 2012-50 ) which propose amendments to MSRB Rules G-11 (on primary offering practices), G-8 (on books and records), and G-32 (on disclosures in connection with primary offerings), as well as an interpretive notice concerning the application of MSRB Rules G-17 and G-30 to retail order periods. SIFMA stated that it supports the proposed rule changes to the extent they would protect dealers that "follow issuers' instructions, clarify issuer