MSRB Comments on the SEC's Proposed Regulation SCI

The Municipal Securities Rulemaking Board ("MSRB") submitted a very thoughtful comment letter in response to the SEC's proposed Regulation Systems Compliance and Integrity ("Regulation SCI"). While the MSRB stated its support for many aspects of the proposed rule, its many detailed comments also highlighted the difficulties inherent in the SEC's attempt to create such an ambitious regulatory scheme out of whole cloth. According to the MSRB, these difficulties include that Regulation SCI is overly broad, impractical and ambiguous.

See: MSRB Comment Letter S7-01-13.See also: Cadwalader Memo: SEC Issues Proposed Regulation SCI (with Barrentine and Lofchie Memo