On September 18, 2013, the Securities and Exchange Commission
(SEC) approved
final rules requiring municipal advisors to permanently
register with the SEC. The new rules become effective 60 days after
publication in the Federal Register and will mandate that municipal
advisors (as defined under the rules) register on a staggered basis
beginning July 1, 2014. The temporary registration rules currently
in effect will be extended to allow municipal advisors to remain
temporarily registered during the transition period.
Prior to passage of the Dodd-Frank Act in July 2010, individuals
and firms providing advice relating to the issuance of municipal
securities were unregulated; they were not required to register
with the SEC or otherwise comply with specifically tailored SEC
rules. Citing concern that municipalities (and, indirectly,
investors in municipal securities) should be able to rely on
advisors who must comply with standards for training, qualification
and conduct
