The SEC and the Municipal Securities Rulemaking Board (MSRB) have withdrawn several proposals relating to municipal advisors. The withdrawals followed objections raised by industry groups concerning the futility of commenting on proposals without understanding which parties would be subject to them. The MSRB stated that its intention is to resubmit the proposals upon the adoption by the SEC of a final definition of “municipal advisor.” Despite these actions, SEC Commissioner Walters advised aconference of market participants that the final municipal advisory registration scheme is “very much on the front burner” and that market participants who want to prepare for the final rule should study the MSRB’s recent municipal advisor rule filings, including the proposals that recently were withdrawn.