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Permanent Municipal Advisor Registration Rules Effective July 1, 2014




by:
J. Andrew Gipson
Jones Walker LLP - Jackson Office

 
July 8, 2014

Previously published on June 26, 2014

Following a five-month temporary stay, the Securities and Exchange Commission's permanent municipal advisor registration rules will take effect July 1, 2014. A number of banks (or separately identifiable departments or divisions) providing municipal advice may be required to register as municipal advisors under the registration rules. Municipal advisors that registered temporarily on Form MA-T must file Forms MA, MA-I, MA-NR, and/or MA-W according to the schedule which can be found at http://www.ccclients.com/nl/joneswalker/nlimages201012/files/banking.pdf. Instructions for each of the municipal advisor forms are available at http://www.sec.gov/about/forms/formmadata.pdf.

Meanwhile, the Municipal Securities Rulemaking Board ("MSRB") continues to implement various municipal advisor rulemaking proceedings, including its pending standards of conduct, supervision requirements, and professional qualification proposed rules, drafts of which are available at http://www.msrb.org/MSRB-For/Municipal-Advisors/News-and-Resources.aspx.

In the near-term, another high priority for the MSRB is the publication for comment of anticipated municipal advisor "pay-to-play" rules. According to the MSRB, the pay-to-play rulemaking should commence prior to year-end.

On June 19, 2014, the MSRB announced it would host a public education and outreach seminar for municipal market professionals and others in Chicago, Illinois on July 29, 2014. Municipal advisor regulation will be a focus of the seminar.



 

The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.
 

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Author
 
J. Andrew Gipson
Practice Area
 
Banking Law
 
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