On September 18, 2013, the SEC adopted rules establishing a permanent registration regime for municipal securities advisors, as required by the Dodd-Frank Act. While Dodd-Frank defined the term “municipal advisor” broadly to include, among other things, those who advise municipal entities about the issuance of municipal securities and those who solicit municipal entities for investments, the new rules contain a number of important exclusions from the definition of “municipal advisor,” including exclusions for public officials and employees of municipal entities, registered investment advisers, and underwriters. The new rules require municipal advisors to register on a staggered basis beginning July 1, 2014. The temporary registration regime, which was implemented in 2010, will remain in effect until December 31, 2014.
