Series 54: Investment Adviser Exclusion

1.6.1.2. Investment Adviser Exclusion

Note that the term “municipal advisor” does not include registered investment advisers. According to the Securities Exchange Act, registered investment advisers are excluded from having to register as long as they don’t provide the following types of advice to the municipality:

• Advice concerning whether and how to issue municipal securities

• Advice concerning the structure, timing, and terms of an issuance of municipal securities and other similar matters

• Advice concerning municipal der