House Bypasses SEC To Define Muni Bond Advisers

Law360, New York (September 20, 2012, 2:49 PM EDT) -- Frustrated with the U.S. Securities and Exchange Commission's delays in defining who qualifies as a municipal bond adviser and proposals that experts have called overbroad and onerous, House lawmakers moved Wednesday to sidestep the agency by passing their own, narrower definition.

In a voice vote late Wednesday, the U.S. House of Representatives passed a bill that would define municipal bond advisers as consultants who provide advice and other services to state and local governments in the context of issuing bonds, executing swap contracts, investing bond proceeds...
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