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

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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.

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Topics:  Broker-Dealer, Compliance, Dodd-Frank, Enforcement, Municipal Advisers, SEC, Underwriting

Published In: General Business Updates, Finance & Banking Updates, Securities Updates

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.

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