Response to SEC Notice 34-87204 (On MA Exemptive Order)

Response to the U.S. Securities and Exchange Commission (SEC) Release No. 34-89074 – Notice of Proposed Exemptive Order Granting a Conditional Exemption from the Broker Registration Requirements of Section 15(a) of the Securities Exchange Act of 1934 for Certain Activities of Registered Municipal Advisors. (File No. S7-16-19)