A new rule will take effect on July 1, 2014 that regulates persons and firms that provide advice to municipal issuers and obligated parties regarding municipal financial products or the issuance of municipal securities. Although the Municipal Advisor Rule (the Rule) was originally scheduled to take effect on January 13, 2014, the U.S. Securities and Exchange Commission (SEC) has postponed the effective date to allow the participants in the municipal securities marketplace more time to analyze, implement and comply with the Rule. In the meantime, the SEC staff has issued unofficial guidance in the form of frequently asked questions (FAQ). In addition, on January 9, 2014, the Municipal Securities Rulemaking Board (MSRB) issued for comment a draft regulatory notice regarding the Rule. Additional guidance will be issued by the MSRB, and likely the SEC as well, over the coming months.