On May 27, the MSRB adopted amendments to Rule G-23 prohibiting a municipal securities dealer from acting as a financial adviser to a municipal entity for a new bond issue and subsequently acting as an underwriter for the same issue.  Rule G-23 previously allowed a dealer to resign as a financial adviser for a new issue and serve as underwriter for the same issue if certain disclosure and consent requirements were met.  The amended rule also prohibits a dealer serving as a financial adviser for a particular issue from serving as the initial remarketing agent for the same issue unless the dealer's financial advisory relationship has been terminated for at least one year.  The amendments will be effective November 27.  MSRB Release and Revised Rule.