The Securities and Exchange Commission’s (SEC) temporary stay on its final municipal advisor rules under Section 15B of the Securities Exchange Act of 1934 (the “Exchange Act”) expires July 1, 2014. Accordingly, municipal advisors will be required to register with the SEC on Form MA on a phased-in schedule beginning July 1, 2014, and ending October 31, 2014. Municipal advisors are also subject to registration with, and supervision by, the Municipal Securities Rulemaking Board (MSRB).

THE FINAL REGISTRATION RULES -

Exchange Act Section 15B was amended by Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), to provide for a new class of regulated persons: municipal advisors. The municipal advisor provisions of Exchange Act Section 15B have been effective since October 1, 2010, and municipal advisors have been required since then to register under a temporary interim rule. The SEC’s final registration regime replaces the interim rule.