On February 22nd, the SEC provided notice of the Municipal Securities Rulemaking Board's filing of proposed amendments to Rule G-23 (activities of financial advisors) and proposed interpretation of Rule G-23. The proposed amendments would, subject to certain exceptions, (i) prohibit a dealer financial advisor (a dealer acting as a financial advisor to an issuer with respect to a new issue or issues of municipal securities) 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. The MSRB requests that the proposed rule change be made effective for new issues for which the Time of Formal Award (as defined by MSRB Rules) occurs more than six months after SEC approval to allow issuers of municipal securities time to finalize any outstanding transactions that might be affected by the proposed rule change. Comments should be submitted on or before March 21, 2011. SEC Release No. 34-63946.