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Interpretative Guidance on Municipal Advisor Registration Rules

Securities and Exchange Commission Press Release

The SEC© today announced that its Office of Municipal Securities has issued interpretive guidance to address questions from market participants regarding the implementation of new final SEC© rules requiring municipal advisers to register with the SEC.

Some of the topics covered included in the Municipal Advisor Registration Rules:

  • the advice standard, including the general information exclusion and the treatment of business promotional materials used by underwriters
  • the request for proposals-request for qualifications exemption
  • the exemption for independent municipal advisors
  • the exclusion for registered investment advisers
  • the underwriter exclusion, including engagements as underwriters
  • issuance of municipal securities and post-issuance advice
  • remarketing agent services
  • opinions by citizens in public discourse
  • the effective date of the final rules and the compliance period for using the final registration forms

For the full details of the Press Release, please click here.

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