The SEC last week issued an interim rule requiring the temporary registration of municipal advisors by October 1, 2010. This rule allows municipal advisors to temporarily fulfill the registration requirement as amended by the Dodd-Frank Act, until the SEC finalizes a permanent registration program. The Dodd-Frank definition of a municipal advisor specifically includes financial advisors, guaranteed investment contract brokers, third-party marketers, placement agents, solicitors, finders, and swap advisors that provide municipal advisory services. Excluded from the Dodd-Frank definition are SEC registered investment advisers, where the adviser provides municipal advisory services as investment advice under the Investment Advisers Act. Already registered investment advisers must register as a “municipal advisor“ if the adviser provides any municipal advisory services outside the scope of investment advice within the meaning of the Investment Advisers Act.

Learn about FrontLine's Registration and Filings Services

View SEC Release on Temporary Registration of Municipal Advisors

FrontLine Compliance, LLC is a regulatory compliance consulting firm of former high-level regulatory insiders offering customized services to broker-dealers, investment advisers, investment companies, hedge funds, and insurance company affiliates. Staffed by former SEC and FINRA regulators, and chief compliance officers, FrontLine Compliance provides the kind of industry knowledge, experience and expertise on regulatory issues only available from well-seasoned insiders. For more information about the firm, please visit www.frontlinecompliance.com.

FrontLine Compliance, LLC
phone: 888-518-8070
email: info@frontlinecompliance.com
www.frontlinecompliance.com
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