Summary of Selected Issues of the SEC Municipal Advisor Rule that Affect Broker-Dealers Intending to be Underwriters

Orrick, Herrington & Sutcliffe LLP
Contact

Dodd Frank Act Definition of “Municipal Advisor” A “municipal advisor” is a person (including a firm or an associated person) (but not including a municipal entity or an employee of a municipal entity) who (1) provides “advice” to “municipal entities” or “obligated persons” on the “issuance of municipal securities” or “municipal financial products,” or

(2) undertakes a “solicitation of a municipal entity.” On September 18, 2013, the SEC unanimously approved Release No. 34- 70462 (Sept. 20, 2013)(Adopting Release), which contains final rules on the registration of municipal advisors (SEC Municipal Advisor Rule or Final Rule). The Final Rule includes eight rules under section 15B of the Securities Exchange Act of 1934 (Rule 15Ba1-1 through Rule 15Ba1-8) and a series of Forms for registration as a municipal advisor. Definitions are in Rule 15Ba1-1.

Please see full publication below for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Orrick, Herrington & Sutcliffe LLP | Attorney Advertising

Written by:

Orrick, Herrington & Sutcliffe LLP
Contact
more
less

Orrick, Herrington & Sutcliffe LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide