U.S. Financial Reform: Municipal Securities

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 ("the Act") begins sweeping reform for the U.S. financial system. It requires new and existing regulatory agencies to undertake more than 50 studies of the financial system and more than 250 instances of rulemaking. Duane Morris has issued further Alerts on many of the broad topics addressed by the Act, accessible at www.duanemorris.com/FinancialReform.

This Alert summarizes Subtitle H of Title IX, designated "Municipal Securities," of the Act. References herein are made to sections 975 through 979 of Subtitle H.

The Act establishes a new Office of Municipal Securities (the "Office") within the U.S. Securities and Exchange Commission (SEC). The Office will administer the rules of the SEC with respect to the practices of municipal securities advisors, brokers, dealers, investors and issuers, and will coordinate with the Municipal Securities Rulemaking Board (MSRB or the "Board") for rulemaking