Municipal Advisor Registration Requirements

Section 975 of the Dodd-Frank Act requires that "municipal advisors" register with the Securities and Exchange Commission, become members of FINRA and abide by rules established by the Municipal Securities Rulemaking Board.

The SEC first proposed a registration rule that would have forced many banks offering traditional bank products to register. The SEC's final rule — which took effect on January 14, 2014 — is more narrow but still affect many banks and bank employees.

ABA's Position

In letters to Congress and regulators, ABA strenuously argued that banks offering traditional bank products and services to municipalities should not be forced to register and be regulated by the SEC. Those arguments ultimately persuaded the SEC to scale back its original proposal. However, ABA strongly urges all banks to study the final rule carefully to assess whether they must register with the SEC.

ABA Analysis

Other Resources:

SEC: MSRB:
 

 Newsbytes

 
 

 Comment Letters

 
 

 Letters to Congress & Regulators

 
 

 Testimony

 

Questions? Please contact Cris Naser for more information.

 

 ABA Staff Contact

 
  • Cris Naser, VP & Senior Counsel, Center for Securities, Trust & Investments 
 

 ABA Resources