WASHINGTON — Broker-dealer practices may change under the Securities and Exchange Commission’s new municipal advisor registration rule, as the rule encourages firms to establish underwriting relationships with issuers early in order to be exempt from registration.

SEC muni chief John Cross told participants in a webinar hosted jointly by The Bond Buyer and the Securities Industry and Financial Markets Association that the rule’s registration exemption for underwriters will probably result in earlier letters documenting a firm’s engagement to underwrite a bond deal.

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