The SEC has issued a temporary stay of its municipal advisor registration rules (the “Final Rules”).  The stay means that the rules, which were to become effective on January 13, 2014, will not apply until July 1, 2014.  Municipal advisors continue to be subject to the temporary registration regime and the related statutory and regulatory requirements.  However, the stay provides that compliance with the Final Rules will not be required until July 1.

The requirements in the Final Rules that municipal advisors register on Form MA and related forms on a staggered basis starting on July 1, 2014 is unaffected by the stay.  Municipal advisors must therefore file for permanent registration according to the timeframe provided in the Final Rules.

IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this informational piece (including any attachments) is not intended or written to be used, and may not be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.