REQUEST FOR COMMENT ON DRAFT FREQUENTLY ASKED QUESTIONS REGARDING RULE G-40 AND THE USE OF MUNICIPAL ADVISORY CLIENT LISTS AND CASE STUDIES

1. Bond Dealers of America: Letter from Mike Nicholas, Chief Executive Officer, dated July 27, 2018

2. National Association of Municipal Advisors: Letter from Susan Gaffney, Executive Director, dated July 27, 2018

3. Securities Industry and Financial Markets Association: Letter from Leslie M. Norwood, Managing Director and Associate General Counsel, dated July 26, 2018