Final Rule: Registration of Municipal Advisors
Federal Register Publication Date: 11/12/2013
Summary: Section 975 of Title IX of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) amended Section 15B of the Securities Exchange Act of 1934 (“Exchange Act”) to require municipal advisors to register with the SEC, effective October 1, 2010. To enable municipal advisors to temporarily satisfy this requirement, the SEC adopted an interim final temporary rule, Exchange Act Rule 15Ba2-6T, and form, Form MA-T, effective October 1, 2010. To enable municipal advisors to continue to register under the temporary registration regime until the applicable compliance date for permanent registration, the SEC extended Rule 15Ba2-6T, in a separate release, to December 31, 2014. The SEC adopted new Rules 15Ba1-1 through 15Ba1-8, new Rule 15Bc4-1, and new Forms MA, MA-I, MA-W, and MANR under the Exchange Act. These rules and forms were designed to give effect to provisions of Title IX of the Dodd-Frank Act that, among other things, require the SEC to establish a registration regime for municipal advisors and impose certain record-keeping requirements on such advisors.