A financial industry group said on Wednesday it expects federal securities regulators to release long-awaited language about who qualifies as a municipal adviser in the first half of this year.
The U.S. Securities and Exchange Commission has said it will finalize a definition of municipal advisers by the first quarter of 2013, but it could take longer, said Kenneth Bentsen Jr., acting president and CEO of the Securities Industry and Financial Markets Association (SIFMA).
"These things have a way of slipping," Bentsen said at a media briefing on the finalization of the definition.
The new definition is in response to the 2010 Dodd Frank law that mandated tougher regulation of advisers to issuers in the $3.7 trillion U.S. municipal bond market to protect the interests of small towns, counties and states.
The SEC had proposed a temporary rule and was to have finalized a definition by Sept. 30. But it said on Sept. 21 that it was pushing its deadline back a year.
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