Muni Bond Regulators Delay Proposed Rules For Advisers

Law360, New York (September 12, 2011, 2:08 PM EDT) -- The rulemaking body for the U.S. municipal bond market on Monday delayed new regulations governing financial advisers until the U.S. Securities and Exchange Commission defines who will be subject to the new rules.

The rules, proposed in August as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, would require regulators to monitor the pay municipal bond advisers receive to ensure they are meeting their obligation to place clients' interests above their own. They would also establish the fiduciary duty advisers owe state and...
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