3.1.1.1. Updating Form MA
In addition to the annual update mentioned above, a municipal advisor must promptly file an amendment to its Form MA whenever a material event occurs that changes any of the information on the form. When the MA changes its Form MA, only the information that has changed will need to be amended. This means that the MA will not need to complete the entire form again.
In relation to Form MA, firms must file an amendment when any changes are made to:
• Item 1: Identifying Information
• Item 2: Form of Organization
• Item 9: Disclosure Information
Firms must file an amendment when material changes are made to:
• Item 3: Successions
• Item 7: Participation of firm or its associated person in municipal advisory client or solicitee transactions
• Item 8: Owners, officers, and other control persons
Changes made to other facts that are not considered material do not need to be made via amendment, but instead can be made on the annual update to Form MA (Items 4, 5, 6, 10). Failure to properly amend or update Form MA is a violation of SEC rules and could lead to the revocation of a firm’s registration.
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SUMMARY TABLE Changing Form MA |
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Item Description |
When does an amendment need to be filed? |
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Item 1: Identifying Information |
Any changes must be promptly updated |
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Item 2: Form of Organization |
Any changes must be promptly updated |
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Item 3: Successions |
Material changes must be promptly updated |
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Item 4: Information About Firm’s Business |
Changes can be made on annual update to the form |
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Item 5: Other Business Activities |
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