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This advisory opinion stems from a request for guidance from SIFMA and concerns the application of the fiduciary and prohibited transaction provisions of ERISA to certain "cleared swap" transactions conducted pursuant to provisions of the Dodd-Frank Act. It addresses: Whether clearing members are fiduciaries in exercising contractually determined rights in the event of a plan default or other specified events; Whether clearing members and CCPs are parties in interest to plans; and Whether the services performed, the guarantee of customer positions, and aforementioned exercise of rights by

SIFMA today released the following statement from Ira Hammerman, senior managing director and general counsel, regarding the SEC's request for data and other information to help the agency consider whether to write new rules implementing a uniform fiduciary standard of conduct for brokers and investment advisers. "We welcome the SEC's continued focus on this important issue for individual retail investors. We've long supported a uniform fiduciary standard of care for brokers and investment advisers who provide personalized investment advice to individual retail investors. We've been expecting

T he MSRB announced that it is seeking comments on proposed revisions to MSRB Rule G-19 ("Suitability of Recommendations and Transactions; Discretionary Accounts"). The proposed revisions seek to harmonize Rule G-19 with FINRA's suitability rule. As proposed, the rule's suitability analysis is threefold: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. (i) The reasonable-basis inquiry requires a broker-dealer to have a reasonable basis that the recommendation is suitable for at least some investors, after reasonable diligence. (ii) The customer

SIFMA submitted comments to the MSRB on codifying time of trade disclosure obligation and Proposed Rule G-47, MSRB Notice 2013-04. SIFMA stated that it generally supports the concept behind this initial effort by the MSRB to "provide clarity to regulated entities by reorganizing or eliminating certain interpretive guidance associated with MSRB Rule G-17 ("Conduct of Municipal Securities and Municipal Advisory Activities") into new or revised rules that highlight core principles." At the same time, however, SIFMA asserted that Proposed Rule G-47 ("Time of Trade Disclosure") has significant gaps

The MSRB published an FAQ as to the obligations of underwriters to state and local government issuers of municipal bonds under MSRB Rule G-17 ("Conduct of Municipal Securities and Municipal Advisory Activities"). The FAQ is intended to help underwriters comply with their obligations and also provide clarity for issuers on what they can expect from their underwriters. The MSRB established expanded disclosure duties for underwriters in an interpretive notice to MSRB Rule G-17 on fair dealing in 2012. This additional guidance is focused on the manner and timing of delivery of disclosures to their