Mixed Messages Over Municipal Adviser Registration

Law360, New York (May 10, 2013, 2:36 PM EDT) -- In the three years since Congress mandated that all "municipal advisers" must register with the U.S. Securities and Exchange Commission, there has been enormous debate about just what a municipal adviser is. Congress mandated registration in 2010, and the Municipal Securities Regulation Board acted quickly (apparently prematurely) to implement the law, only to have the SEC slow matters to a crawl with its "interim temporary final" rule. The MSRB's and SEC's actions are the subject of a previous article we wrote concerning municipal advisor registration.[1]...
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