The SEC’s new MA Rules become effective July 1, 2014, 17 CFR 240.15Ba1-1 through 1-8 and 15Bc4-1. Required by Dodd-Frank § 975, the Rules were adopted last year, but the SEC postponed their implementation from January to July 1. Rel. No. 34-71288 (stayed January 13 until July 1, 2014); Final Rule, Rel. No. 34-70462, here: http://www.sec.gov/rules/final/2013/34-70462.pdf
The Rules implement a registration regime and impose a fiduciary duty upon any person deemed a Municipal Advisor. The Rules are very specific about which circumstances and relationships impose that duty and what steps are required for various exemptions or safe-harbors.
Those providing advice to Municipal Entities or Obligated Persons need to assess the effect of the Rules and update their supervision and compliance policies accordingly. The Securities & Financial Markets Association (SIFMA) recently released a set of Model Documents providing a helpful starting point for some compliance issues, here:
Additional resources include:
SEC’s Small Entity Compliance Guide
MSRB Registration Guidance, Reg. Not. 2014-10