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.

Also of Interest

  • Hawkins Attorneys Featured at Bond Attorneys’ Workshop
    Four Hawkins attorneys will serve on panels at the National Association of Bond Lawyers 43rd annual Bond Attorneys’ Workshop which will be held September 26-28, 2018 in Chicago.
  • Rule 15c2-12 Amendments
    This Hawkins Advisory analyzes the amendments to Rule 15c2-12 that were adopted by the SEC on August 20, 2018.
  • Cybersecurity - Municipal Disclosure
    This Hawkins Advisory describes recent developments regarding disclosure of cybersecurity risks and incidents and their import for municipal disclosure.
  • Municipal Market Regulatory Update
    This Hawkins Advisory describes the proposed amendments to Rule 15c2-12 and provides a summary and analysis of SEC municipal enforcement actions over the last year.