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Financial Institution Letters

January 31, 2014

Registration of Municipal Advisors - Final Rule

Printable Format:

FIL-6-2014 - PDF (PDF Help)


Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Act), Pub. L. 111-203, amended Section 15B(a) of the Securities Exchange Act of 1934 to make it unlawful for "municipal advisors," as defined in the Act, to provide certain advice to or solicit municipal entities or certain other persons without registering with the U.S. Securities and Exchange Commission (SEC). On September 20, 2013, the SEC issued a final rule, 17 C.F.R. § 240.15Ba1-1-8, implementing the Act and establishing a permanent registration system for municipal advisors. In a separate release, the SEC extended the expiration date of the temporary registration system under Rule 15Ba2-6T until December 31, 2014, to provide a transition period between the temporary and permanent registration systems. The final rule is effective on July 1, 2014.

Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter applies to any FDIC-supervised financial institution that meets the definition of "municipal advisor."


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