The Securities and Exchange Commission’s forthcoming municipal advisor definition will exempt underwriters, but is also likely to focus on what participants in a transaction are actually doing, rather than on their official titles, SEC municipal office director John Cross said Monday.

Speaking on a panel at The Bond Buyer’s Tri-State Area Public Finance Conference, Cross indicated that the Municipal Securities Rulemaking Board’s interpretive guidance for its Rule G-17 on fair dealing rule has been helpful in his office’s efforts to craft provisions exempting dealer firms from further regulation when they act as underwriters on  muni transactions.

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