On January 14, 2011, the Municipal Securities Rulemaking Board published MSRB Notice 2011-04 requesting comment on a pay to play rule for municipal advisors. The MSRB has revised a proposed change to Rule G-37 contained in the notice to retain original language in Rule G-37(g)(iv)(B). Comments are due by February 25, 2011. The MSRB will hold a webinar on the proposal on February 3 at 2PM ET. The revised notice is available here.