• SEC Adopts Rule to Register Municipal Advisors
  • September 20, 2010 | Authors: Robert A. Boresta; William F. Dudine; Jeffrey H. Elkin; H. Sidney Holmes; James S. Normile
  • Law Firms: Winston & Strawn LLP - Chicago Office ; Winston & Strawn LLP - New York Office ; Winston & Strawn LLP - Chicago Office ; Winston & Strawn LLP - New York Office
  • The Securities and Exchange Commission (the “SEC”) has adopted an interim final temporary rule under the Securities Exchange Act of 1934 (“Exchange Act”) in order to permit municipal advisors to temporarily satisfy their registration requirement under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). The Dodd-Frank Act amended Section 15B(a) of the Exchange Act to make it unlawful for municipal advisors to provide certain advice or solicit municipal entities or certain other persons without registering with the SEC. The registration requirement for municipal advisors becomes effective on Oct.1, 2010.