Registration Rules

Before conducting any business or advising clients, municipal securities dealers and advisors doing business in interstate commerce must register with the SEC, including those who deal in municipal securities. A municipal securities dealer or advisor can register by filing an application with the SEC. The SEC has 45 days in which to respond by either granting the registration or instituting proceedings to determine whether the registration should be denied. The SEC has broad authority to regulate broker-dealers and can grant exemptions to certain rules where consistent with the public interest.

All non-bank broker-dealers who do business in the securities industry must also