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SIFMA submitted comments to the MSRB regarding the delayed compliance date for the first Form G-45 filings that are required under MSRB Rule G-45 ("Reporting of Information on Municipal Fund Securities"). SIFMA advised the MSRB to focus on the quality of the filing system itself as opposed to the speed of its implementation. See: SIFMA Comment Letter; MSRB Rule G-45. Related news: MSRB to Collect Additional Data Regarding 529 College Savings Plans (Reg. Notice 2014-03) (February 17, 2015); SEC Approves MSRB Rule G-45 as Modified by Amendment No. 1 (February 24, 2014).

The SEC issued a notice soliciting comments regarding the extension and approval of its "risk assessment rules". These rules address the collection of information required by Exchange Act Rules 17h-1T and 17h-2T. The SEC plans to submit the collection of information rules to the Office of Management and Budget ("OMB") for extension and approval. According to the SEC, the collection of information required by Exchange Act Rules 17h-1T and 17h-2T, referred to as the "risk assessment rules," is necessary to enable the SEC to "monitor the activities of a broker-dealer affiliate whose business

Commentary by Steven Lofchie

FINRA filed with the SEC a proposal to adopt new FINRA Rule 2242 to address conflicts of interest relating to the publication and distribution of debt research reports. As anticipated, the proposed debt research rule is based on FINRA's existing equity research rule (NASD Rule 2711), but contains important modifications that FINRA considers necessary to reflect the differences between the equity and debt markets. First, the proposed debt research rule would adopt a "tiered approach" that distinguishes between debt research distributed to retail investors on the one hand, and institutional