What Banks Must Know About The New Municipal Adviser Rules

Law360, New York (December 5, 2013, 11:32 AM EST) -- On Sept. 20, 2013, the U.S. Securities and Exchange Commission adopted final rules regulating municipal advisers. This article discusses how the final rules will apply to banks and trust companies (referred to collectively in this article as banks).[1]

The rules implement provisions in the Dodd-Frank Act amending Section 15B of the Securities Exchange Act of 1934 (“Exchange Act”) to require registration of “municipal advisers,” a new class of regulated persons that, among other things, provide advice to or on behalf of a municipal entity or “obligated...
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