Series 53: Municipal Advisors

Taken from our Series 53 Online Guide

Municipal Advisors

In 2010 the Dodd-Frank Wall Street Reform and Consumer Protection Act required municipal advisors to be registered with the SEC. Municipal advisors are defined in Section 15 of the Securities Exchange Act. A municipal advisor is any person or entity that provides advice to, or on behalf of, municipal entities or an obligated person. The advice is regarding municipal financial products or the issuance of municipal securities, including advice related to the structure, timing, and terms of those products or issues. This includes any advice regarding the investment of proceeds from a municipal issuance. Municipal advisors also include anyone who solicits municipal entities to invest in financial products or to issue municipal securities.

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