Municipal Advisor Registration - Effect of Proposed Rules on Issuer and Obligor Boards
Hawkins Advisory
Section 975 of the Dodd‐Frank Wall Street Reform and Consumer Protection Act (the “Dodd‐Frank Act”) amended Section 15B of the Securities Exchange Act of 1934 (as amended, the “Exchange Act”), effective October 1, 2010, to, among other things, (1) require municipal advisors to register with the Securities and Exchange Commission (the “SEC”), (2) establish a fiduciary duty between a municipal advisor and a municipal entity for which it is acting as a municipal advisor,1 and (3) subject municipal advisors to additional anti‐fraud provisions.2 The SEC adopted an interim final temporary rule (Rule 15Ba2‐6T; the “Temporary Rule”) to enable municipal advisors to satisfy the statutory requirement to register with the SEC, which rule became effective October 1, 2010, and expires on December 31, 2011.
Attachment: [Hawkins Advisory]
Also of Interest
- SEC Staff Guidance Regarding Secondary Market Disclosure
This Advisory provides a summary and analysis of the recent Staff Legal Bulletin from the SEC’s Office of Municipal Securities. - Hawkins Attorneys to co-chair and moderate The Bond Buyer’s National Outlook 2020 Conference
Howard Zucker will be co-chairing the Bond Buyer's 2020 National Outlook Conference. This annual event brings together specialists and professionals from every corner of the public finance industry. - Carol McCoog Elected to the American College of Bond Counsel
Carol McCoog has been elected a Fellow of the American College of Bond Counsel (ACBC). - Hawkins Attorneys are part of NABL’s SEC Rule 15c2-12 Working Group
Brian Garzione, Carol McCoog and Kenneth Roberts were part of the National Association of Bond Lawyers working group, that released the paper titled “SEC Rule 15c2-12 Amendments NABL Member Questions and Practical Considerations”.