In a discussion at the SIFMA Annual Meeting with SIFMA President and CEO Kenneth E. Bentsen, Jr. on municipal advisors' roles in private placements, Securities and Exchange Commission Chairman Jay Clayton urged dealers to come forward with comments on proposed changes. Bentsen expressed concern about proposed exemptions for muni advisors, saying they could be seen as endorsements for those advisors to act as unlicensed placement agents. SIFMA's Leslie Norwood said, "We feel very strongly that this [relief] would turn the tide on the SEC's regulations of investor protection and the Municipal Securities Rulemaking Board's and SEC's drive to more transparency in the direct-placement market."