Municipal Advisors and Solicitors Must Register By October 1
All municipal advisors must register with the SEC by October 1 pursuant to a temporary rule adopted by the SEC as required by the Dodd-Frank Act. A “Municipal Advisor” includes anybody who provides advice to a municipal entity with respect to financial products including financial advisors and GIC brokers. The definition also encompasses all third-party marketers, placement agents, solicitors, finders, and swap advisers. Currently-registered broker-dealers, municipal securities dealers, and SEC-registered investment advisers need not register. The SEC will make public the information provided. The SEC expects to adopt a permanent registration rule later this year. The SEC urges Municipal Advisors to act immediately to obtain registration credentials.
OUR TAKE: This new registration rule, together with the SEC’s pay-to-play rule adopted earlier this year, creates the new regulatory regime with respect to municipal securities and public plans. It also brings more securities markets participants under SEC supervision.
Posted by Todd Cipperman at 9/3/2010 7:22 AM 
Categories: Distribution and Broker-Dealers
Tags: municipal advisor solicitor registration
Categories: Distribution and Broker-Dealers
Tags: municipal advisor solicitor registration
Comments