New MSRB rules seek to end municipal swap adviser scandals

Dodd-Frank rules take aim at brokers pushing rate swaps for bigger commissions

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Dealers and intermediaries acting as swap advisers on municipal derivatives trades will face regulation for the first time under new US registration requirements.

Under Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, all persons that “provide advice to a municipal entity with respect to municipal financial products or the issuance of municipal securities, including advice with respect to the structure, timing, terms, and other similar matters concerning such

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