Municipal Advisors and Solicitors Must Register By October 1
All municipal advisors must register with the SEC by October 1 pursuant to a temporary rule adopted by the SEC as required by the Dodd-Frank Act. A “Municipal Advisor” includes anybody who provides advice to a municipal entity with respect to financial products including financial advisors and GIC brokers. The definition also encompasses all third-party marketers, placement agents, solicitors, finders, and swap advisers. Currently-registered broker-dealers, municipal securities dealers, and SEC-registered investment advisers need not register. The SEC will make public the information provided. The SEC expects to adopt a permanent registration rule later this year. The SEC urges Municipal Advisors to act immediately to obtain registration credentials.