The Securities and Exchange Commission (SEC) updated the frequently asked questions (FAQs) on its Registration of Municipal Advisors FAQs web page.
The updated FAQs, administered by the SECʻs Office of Municipal Securities, offers more clarity on municipal advisor registration and record keeping requirements.
Specifically, it provides more clarity to:
- Public-private partnership (P3) market participants that are considering whether their activities require registration as a municipal advisor;
- Form MA and MA-I filers that are considering which remote work locations where municipal advisor-related business is conducted must be disclosed as an “office;” and
- Municipal advisors that are considering the scope of their recordkeeping requirements when providing advice on the pricing of a new issue of municipal securities.
“Municipal securities touch so many parts of our lives, helping pay for schools, hospitals, water systems, and so much more. The SEC is tasked with ensuring transparency and accountability in this market,” Dave Sanchez, director of the Office of Municipal Securities, said. “This update will help municipal advisors – including those who provide advice to state and local governments on the issuance of municipal securities in the P3 market – understand and follow regulations that keep the market transparent, fair, and reliable. The final rules for municipal advisor registration have been in place since 2013, but it is never too late to come into compliance and register.”
Further, the update also includes a new FAQ on how to register as a municipal advisor, directing those who plan to engage in municipal advisory activities to a preexisting staff Informational Bulletin and MSRB Compliance Resource describing the steps they must take.
Contact the Office of Municipal Securities at 202-551-5680 or munis@sec.gov with any questions about municipal advisor regulation.