SEC Sets Rules, Definitions for Municipal Advisers

By Beth Winegarner (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 July 2014 if they give governments tips on the issuance of municipal securities or derivatives,...

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