SEC and MSRB Registration of Municipal Advisors

Written By Brandon Klerk

Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act amended Section 15B of the Securities Exchange Act of 1934 (“Exchange Act”) to add a new requirement that “municipal advisors” register with the Securities and Exchange Commission (“Commission” or “SEC”), effective October 1, 2010.

The SEC issued final rules for Municipal Advisors (“MAs”) in January 2014 and have since provided guidance regarding requirements for registration with the SEC and MSRB. Some of the topics include:

  • The General Information Exclusion from Advice versus Recommendations:

  • Treatment of Business Promotional Materials Provided By Potential Underwriters Under the General Information Exclusion from Advice

  • Indirect Advice

  • Terms for the Purchase of Securities in a Principal Capacity

  • Parameters and Formality of RFP/RFQ Process

  • Use of Independent Registered Municipal Advisor Exemption

  • Registered Municipal Advisor Serving in a General Capacity

  • Representations about Independent Registered Municipal Advisors

  • Independence of a Registered Municipal Advisor

  • And much more…

Reach out to us for more information…

Brandon Klerk https://www.halyardcompliance.com
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