Dealer groups are concerned the Municipal Securities Rulemaking Board’s proposed rules on retail order periods could be burdensome, while independent financial advisors say the rules will be almost useless without a definition of “retail.”

The groups expressed these views in comments on the proposed rule changes, which the MSRB filed with the Securities and Exchange Commission to address concerns about the mischaracterization of orders as retail and the failure of syndicate managers to disseminate timely notice of the terms and conditions of a retail order period to all dealers.

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