Investment Management Law: SEC Proposes Municipal Advisor Registration and Disclosure Rules

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Investment Management Law: SEC Proposes Municipal Advisor Registration and Disclosure Rules

SEC Proposes Municipal Advisor Registration and Disclosure Rules

The SEC has proposed a rule and disclosure forms for the registration of municipal advisors that would ultimately supplant the temporary rule adopted in September. The rule broadly defines the term “Municipal Advisor” subject to regulation to include any person providing advice to a municipal entity with respect to municipal financial products or the issuance of municipal securities. The definition includes third party marketers, financial advisors, GIC brokers, and swap advisors. The definition would sweep in broker-dealers other than those serving as underwriter and investment advisers to the extent that their activities are not regulated under the Investment Advisers Act. The Form MA requires ADV-like disclosure about the firm’s business and disciplinary history.

OUR TAKE: The SEC has proposed a broad rule that regulates any player in the municipal securities markets.

http://www.sec.gov/rules/proposed/2010/34-63576.pdf

http://www.sec.gov/rules/proposed/2010/34-63576-ma.pdf

Posted by Todd Cipperman at 12/21/2010 7:13 AM