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SEC issues FAQs on registration of municipal advisers

  • SEC (US Securities and Exchange Commission) Image

Jan 10, 2014

The SEC’s Office of Municipal Securities has issued general interpretive guidance in the form of frequently asked questions (FAQs) that address the application of final SEC rules that require municipal advisers to register with the SEC.

The requirement for municipal advisers to register with the SEC was amended into Section 15B of the Securities Exchange Act of 1934 by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The FAQs paper comprises the following topics:

  • The advice standard.
  • Request for proposals / Request for qualifications exemption.
  • Independent registered municipal adviser exemption.
  • Registered investment advisers exclusion.
  • Underwriter exclusion.
  • Issuance of municipal securities / Post-issuance advice.
  • Remarketing agent services.
  • Opinions by citizens in public discourse.
  • Effective date of the final rules and the compliance period for using the final registration forms

For more information, see the press release and the Municipal Advisor Registration — FAQs on the SEC’s Web site.

Update: On January 13, 2014, the SEC issued Final Rule 34-71288, Temporary Stay of Final Rule on Registration of Municipal Advisors, extending the compliance date for its municipal adviser registration rules to July 1, 2014 (instead of January 13, 2014). See our subsequent story for more information on the rule extension.

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