On May 27th, the SEC granted accelerated approval to the Municipal Securities Rulemaking Board's proposed amendment of Rule G-23 relating to activities of financial advisors. Proposed Rule G-23 would, subject to limited exceptions, (i) prohibit a dealer financial advisor with respect to the issuance of municipal securities from acquiring all or any portion of such issue, directly or indirectly, from the issuer as principal, or acting as agent for the issuer in arranging the placement of such issue, either alone or as a participant in a syndicate or other similar account formed for that purpose; (ii) apply the same prohibition to any dealer controlling, controlled by, or under common control with the dealer financial advisor; and (iii) prohibit a dealer financial advisor from acting as the remarketing agent for such issue. In addition, the proposed interpretive guidance, as amended, would provide guidance on when a dealer that renders advice would be considered to be "acting as an underwriter" rather than as a financial advisor for purposes of proposed Rule G-23. SEC Release No. 34-64564.