CHICAGO — Bond lawyers and underwriters might not be exempted from having to register as municipal advisors  under the Securities and Exchange Commission’s final MA rule even though the intent was to exempt them, members of the National Association of Bond Lawyers worried at a meeting in Chicago on Thursday.

Their concerns were raised during a panel at NABL’s Bond Attorneys’ Workshop. At issue are two of a number of exceptions to the final MA registration rule that the SEC finally released last week, namely those covering attorneys and underwriters. SEC muni chief John Cross and Rebecca Olsen, an attorney fellow in Cross’ office, tried to provide clarifications and assurances to conference attendees peppering them with real-world examples and hypothetical scenarios.

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