On November 15th, the SEC provided notice of the Municipal Securities Rulemaking Board's filing of proposed interpretive guidance addressing how MSRB Rule G-17 applies to dealers in municipal securities. The proposed guidance addresses the duties of underwriters to municipal entity issuers of municipal securities ("issuers"). It would not address the duties of underwriters to obligated persons. The guidance would not apply to selling group members and, unless otherwise specified, the guidance would apply only to negotiated underwritings and not to competitive underwritings. Comments should be submitted within 10 days after publication in the Federal Register, which is expected during the week of November 21st. SEC Release No. 34-65749.