On August 3, the MSRB urged financial advisors to state and local government issuers to determine whether certain actions, such as introducing potential investors to issuers or negotiating with potential investors for transaction-based compensation, would cause them to be placement agents and require registration with the SEC as brokers. The MSRB also warned that certain financings called “bank loans” may in fact be private placements of municipal securities. MSRB Release.