BOSTON — Additional guidance from the U.S. Securities and Exchange Commission should provide some clarity to how the proposed trading restrictions under its new municipal advisor registration rule apply to municipal issuers, according to a securities industry official.

"The SEC plans some additional guidelines on the rule and that's really going to provide some flexibility regarding how the rule will apply," said Michael Decker, a managing director at the Securities Industry and Financial Markets Association, which represents hundreds of securities firms, banks and asset managers. "We've talked with the SEC with regard to the rule, and they seem amenable to some flexibility."

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