May 24, 2012

MSRB Withdraws Pending Municipal Advisor Rule Proposals

Andrews Kurth LLP - Straight Talk is Good Business ®
Jerry E. Turner
Andrews Kurth LLP
Wednesday, September 14, 2011
Administrative & Regulatory / Public Education & Services / Securities & SEC
All Federal / All States
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On September 1, 2011, Andrews Kurth issued an alert advising of two recent filings by the Municipal Securities Rulemaking Board (“MSRB”) with the Securities and Exchange Commission (“SEC”) in which the MSRB had proposed important new standards of conduct for municipal advisors under the Dodd-Frank Wall Street Reform and Consumer Protection Act.  Our firm also advised that the proposed changes set forth in the two filings would not go into effect prior to the effective date of new SEC rules defining the term “municipal advisor.”

Click here to review our September 1, 2011 alert.

In a surprise move, on September 9, 2011, the MSRB withdrew the filings discussed in our alert with the explanation that “[u]pon the SEC’s adoption of a permanent definition of the term ‘municipal advisor’ under the Securities Exchange Act of 1934, the MSRB plans to resubmit the rule proposals.”

Andrews Kurth will continue to stay apprised of rules and filings by the MSRB that impact you.

© 2012 Andrews Kurth LLP

About the Author

Jerry E. Turner
Partner

Jerry has over 34 years of experience in public finance and has served as senior attorney in connection with the representation of various public clients, including state agencies, university systems, cities, counties, transit authorities and other political subdivisions.  His public finance practice includes serving as bond counsel and underwriter's counsel in connection with municipal bond offerings. His practice also includes representing clients in structured finance transactions benefiting tax-exempt entities.  In addition, Jerry represents various public funds and...

jturner@andrewskurth.com
512.320.9234
www.andrewskurth.com

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