WASHINGTON — In a surprise move, the Municipal Securities Rulemaking Board pulled five proposed municipal advisor rules that had been pending with the Securities and Exchange Commission on Monday, following complaints by dealers and other market participants that the SEC had not yet defined the term municipal advisor. The board also issued an advisory on bank loans.

In a one-page notice posted on the board’s website, the MSRB said it has withdrawn five muni advisor-rule proposals, previously filed with the SEC, including: G-20 on gifts and gratuities, G-42 on political contributions, G-36 on fiduciary duty, G-17 on fair dealing, and proposed new Rule A-11 and new Form A-11 on muni advisor assessments.

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