Subject: File No. 4-610
From: Lisa Pepi

September 7, 2010

I have a couple of questions/suggested topics for the muni hearings:

Has the SEC considered prohibiting firms from offering both Municipal Financial Advisor services and Negotiated Underwriting Services? Not just necessarily keeping firms from providing both services for a particular bond issue but in general not allowing firms to provide both services.

Will liability for "flipping" of BABs eventually be shared by both the issuer and the Underwriters?


Lisa Pepi