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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 strongly urges all banks to study the final rule carefully to assess whether they must register with the SEC.​


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Questions? Please contact Tab Stewart for more information.