Series 53: 1.1.3.1. Tower Amendments And SEC Rule 15c2-12

1.1.3.1. Tower Amendments and SEC Rule 15c2-12

Another important piece of legislation is the Tower Amendment. The Tower Amendment was attached to the 1975 amendments to ensure that federal regulators would not have the authority to regulate municipal securities issuers or require issuers to register new securities with the SEC.

To get around this law and impose some indirect regulation on issuers, in 1989 the SEC adopted Rule 15c2-12. Rule 15c2-12 prevents municipal securities dealers, which the SEC does have authority to regulate, from selling municipal securities unless the i