On January 13, 2014, the SEC will put into effect new rules to require the ongoing registration of municipal advisers. A municipal adviser is defined as a person that either:
- gives advice to a municipal entity or obligated person regarding municipal securities, or
- solicits a municipal entity or obligated person.
The SEC has released a guide on who is and is not required to register – certain firms and professionals are exempt while acting in their regular capacity. The guide also specifies the filing requirements for municipal adviser registration.
See also our prior alert on this topic for additional information.
This alert applies to the Series 7, Series 52, and Series 53.