SEC Approves Municipal Advisor Rules

10.03.2013
Hawkins Advisory

On September 18, 2013, the Securities and Exchange Commission (the “SEC”) unanimously approved final rules (the “Rules”) governing the definition, registration, and regulation of municipal advisors.  In addition, the Rules provide guidance and clarification on several matters that had arisen because of provisions in the proposed rules.2 Furthermore, the Rules provide exemptions from the definition of “municipal advisor” which, in some cases, go beyond the exclusions expressly provided for in the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).

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