SEC wants more time to consider proposed MSRB fair dealing rule change

By Angela McDaniels

Tacoma, Wash., Dec. 9 - The Municipal Securities Rulemaking Board said the Securities and Exchange Commission is seeking more time to consider its proposal regarding the duties of underwriters under MSRB's fair dealing rule and wants additional input from interested parties.

Among other things, the proposal would for the first time establish municipal underwriters' detailed obligations to their state and local government clients regarding clear disclosure of risks and conflicts of interest, according to an MSRB news release.

Under federal law, the SEC had 90 days to approve or disapprove the proposed rule change or set up proceedings to determine whether to approve or disapprove the change. The 90-day period ended Thursday.

The SEC has published an order to institute proceedings to determine whether to approve or disapprove the MSRB's proposed rule change.

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