The Securities and Exchange Commission is still months away from finalizing its definition of municipal advisor, but is poised to step up muni bond enforcement efforts in general, the head of the SEC's Office of Municipal Securities told bond lawyers meeting here.

Although the MA definition remains his office's top priority, the rule has fallen behind his initial estimate of the first quarter of the year for completion and will not go before the SEC chairman for "several months" as the muni office pours over 1,000 comment letters, Cross told those attending the National Association of Bond Lawyers' 13th annual Tax and Securities Law Institute.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.