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SEC's Schapiro Says Muni Advisor Definition Is Too Broad

SEP 16, 2011 12:11am ET

The Securities and Exchange Commission chairman told House committee members that the agency proposed an overly broad definition of municipal advisor, while the top Democrat on the panel said the Dodd-Frank Act went too far by authorizing the creation of a new SEC muni securities office.

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A recent phenomenon is the emergence of bonds with shorter call protection as funding alternatives for municipalities. However, the shorter call protection also dampens the potential upside for investors, which in turn reduces the price they are willing to pay.

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