Issuer officials expressed trepidation Saturday about upcoming Securities and Exchange Commission rulemaking and the prospects of SEC bringing more disclosure-based enforcement cases against them.

Government Finance Officers Association debt committee members meeting here said they were happy that SEC muni chief John Cross appears to have listened to concerns that the commission's proposed municipal advisor definition released in 2010 is too broad, and there is a growing sense that the new definition will contain certain exemptions, such as for dealers seeking to be underwriters.

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