07 July 2009

SIFMA raises concerns about MSRB's proposed rule changes

"The current market conditions and volatility create additional problems with clearing bonds out of a competitive syndicate," said Leslie Norwood, managing director and associate general counsel of SIFMA.

The Municipal Securities Rulemaking Board proposed rule changes on uniform practices that SIFMA said would be overly burdensome and at times unmanageable for syndicate managers because they would speed up deadlines for disbursing profits. "The current market conditions and volatility create additional problems with clearing bonds out of a competitive syndicate," said Leslie Norwood, managing director and associate general counsel of SIFMA

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