SEC Sets Rules, Definitions for Municipal Advisers

Law360, San Francisco (September 18, 2013, 8:02 PM EDT) -- The U.S. Securities and Exchange Commission unanimously agreed Wednesday to nail down a regulatory definition and permanent registration process for municipal advisers who counsel state and local governments on the issuing of municipal bonds, three years after the Dodd-Frank Act required it.

Since the act was signed into federal law in 2010, more than 1,100 municipal advisers have registered with the SEC under a temporary system. The new rules, which take effect in 60 days, will require advisers to register permanently with the SEC starting in...
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