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ARTICLE · 13 FEBRUARY 2012

Updates On Municipal Advisor Registration Requirements

McGuireWoods LLP
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In our prior alerts, we reported that under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and the temporary rule promulgated by the Securities and Exchange Commission (SEC) thereunder, all municipal advisors were required to register with the SEC on or before Oct. 1, 2010, and to disclose certain information, such as prior disciplinary actions or proceedings.

United StatesFinance and Banking
Emery McRill
Emery McRill
Anitra Cassas
Anitra Cassas
Clinton Randolph
Clinton Randolph
Michael Skvortsov
Michael Skvortsov

SEC Extends Temporary Registration Requirements for Municipal Advisors; MSRB Imposes Additional Registration Requirements

In our prior alerts, we reported that under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and the temporary rule promulgated by the Securities and Exchange Commission (SEC) thereunder, all municipal advisors were required to register with the SEC on or before Oct. 1, 2010, and to disclose certain information, such as prior disciplinary actions or proceedings. This disclosure requirement was designed to assist municipalities in retaining a qualified financial advisor.

Since our last alert regarding municipal advisors (Sept. 20, 2010), the SEC extended this temporary registration period, which was scheduled to end on Dec. 31, 2011. Additionally, the Municipal Securities Rulemaking Board (MSRB) has promulgated proposed and final rules that impose, among other things, a separate registration requirement for

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