Notice & Comment

Securities/Commodities: SEC Announces Temporary Rule Requiring Registration of Municipal Advisors, by Jonathan Rusch

On September 2, the Securities and Exchange Cmomission announced that it “has adopted a temporary rule requiring municipal advisors to register with the SEC by October 1.” The SEC stated that this deadline “was established by the newly-enacted Dodd-Frank Wall Street Reform and Consumer Protection Act.” Subject to certain exemptions, Dodd-Frank defines “municipal advisors” — who provide advice to state and local governments and other borrowers involved in the issuance of municipal securities and solicit business from a state or local government for a third party — to include “financial advisors, guaranteed investment contract brokers, third-party marketers, placement agents, solicitors, finders, and certain swap advisors that provide municipal advisory services.” Municipal advisors may register online with the SEC.

This post was originally published on the legacy ABA Section of Administrative Law and Regulatory Practice Notice and Comment blog, which merged with the Yale Journal on Regulation Notice and Comment blog in 2015.

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