WASHINGTON — The Municipal Securities Rulemaking Board warned financial advisers to state and local governments Wednesday that certain bank loans and financings may qualify as private placements of municipal securities, subjecting them to federal securities laws and MSRB rules that apply to broker-dealers.

In a one-page statement posted on the MSRB’s website, the board said financial advisers who introduce potential investors to issuers or negotiate with potential investors for “transaction-based compensation” may unknowingly become subject to federal securities laws, including the board’s broker-dealer rules.

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