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34-70462

34-70462

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Published by: MarketsWiki on Sep 23, 2013
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SECURITIES AND EXCHANGE COMMISSION17 CFR Parts 240 and 249[Release No. 34-70462; File No. S7-45-10]RIN 3235-AK86Registration of Municipal AdvisorsAGENCY:
Securities and Exchange Commission.
ACTION:
Final Rule.
SUMMARY:
Section 975 of Title IX of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) amended Section 15B of the Securities Exchange Act of 1934(“Exchange Act”) to require municipal advisors, as defined below, to register with the Securitiesand Exchange Commission (“Commission” or “SEC”), effective October 1, 2010. To enablemunicipal advisors to temporarily satisfy this requirement, the Commission adopted an interim finaltemporary rule, Exchange Act Rule 15Ba2-6T, and form, Form MA-T, effective October 1, 2010.To enable municipal advisors to continue to register under the temporary registration regime untilthe applicable compliance date for permanent registration, the Commission is extending Rule15Ba2-6T, in a separate release, to December 31, 2014. The Commission is today adopting newRules 15Ba1-1 through 15Ba1-8, new Rule 15Bc4-1, and new Forms MA, MA-I, MA-W, and MA- NR under the Exchange Act. These rules and forms are designed to give effect to provisions of Title IX of the Dodd-Frank Act that, among other things, require the Commission to establish aregistration regime for municipal advisors and impose certain record-keeping requirements on suchadvisors.
DATES:
 Effective Date: [insert date that is 60 days after publication in the Federal Register].
 
 2Compliance Date: The applicable compliance dates are discussed in the section of therelease titled “V. Implementation and Compliance Dates”.
FOR FURTHER INFORMATION CONTACT
:Office of Municipal Securities: John Cross, Director, at (202) 551-5839; Jessica Kane, Senior Special Counsel to the Director, at (202) 551-3235; Rebecca Olsen, Attorney Fellow, at (202) 551-5540; or Mary Simpkins, Senior Special Counsel, at (202) 551-5683; at Office of MunicipalSecurities, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-7010.Office of Market Supervision: Molly Kim, Senior Special Counsel, at (202) 551-5644; IraBrandriss, Special Counsel, at (202) 551-5651; Brian Baltz, Special Counsel, at (202) 551-5762;Jennifer Dodd, Special Counsel, at (202) 551-5653; Derek James, Special Counsel, at (202) 551-5792; Yue Ding, Attorney-Adviser, at (202) 551-5842; or Eugene Hsia, Attorney-Adviser, at (202)551-5709; at Division of Trading and Markets, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-7010.
SUPPLEMENTARY INFORMATION:
The Commission is adopting Rules 15Ba1-1 to 15Ba1-8(17 CFR 240.15Ba1-1 to 240.15Ba1-8) and 15Bc4-1 (17 CFR 240.15Bc4-1) under the ExchangeAct; Forms MA, MA-I, MA-W, and MA-NR (17 CFR 249.1400, 1410, 1420, and 1430); and Rules30-3a (17 CFR 200.30-3a) and 19d (17 CFR 200.19d) under the Commission’s Rules of Organization and Program Management. The Commission is amending Rules 30-18 (17 CFR 200.30-18) and 19c (17 CFR 200.19c) under the Commission’s Rules of Organization and ProgramManagement.
TABLE OF CONTENTSI.
 
EXECUTIVE SUMMARY .............................................................................................. …5
 
II.
 
INTRODUCTION ............................................................................................................ ...16
 
A.
 
Background ............................................................................................................... 16
 
 
 3
1.
 
Overview of Municipal Securities Market ................................................. 16
 
a.
 
Municipal Advisors .......................................................................... 16
 
b.
 
Municipal Entities and Municipal Financial Products ................. 19
 
2.
 
Historical Regulation of Municipal Securities and Municipal Advisors . 23
 
a.
 
Municipal Securities Market ........................................................... 23
 
b.
 
Municipal Advisors .......................................................................... 27
 
B.
 
Dodd-Frank Act and the Need for Oversight ........................................................ 28
 
C.
 
Interim Final Temporary Rule 15Ba2-6T and Form MA-T ................................ 30
 
D.
 
Proposal to Establish a Registration Regime for Municipal Advisors ................ 32
 
III.
 
DISCUSSION ................................................................................................................... ...33
 
A.
 
Rules for the Registration of Municipal Advisors ................................................. 34
 
1.
 
Rule 15Ba1-1: Definition of “Municipal Advisor” and Related Terms . 34
 
a.
 
Statutory Definition of “Municipal Advisor” ................................ 34
 
b.
 
Interpretation of the Term “Municipal Advisor”; Definition of Related Terms ................................................................................... 37
 
i.
 
Advice Standard in General ................................................ 39
 
ii.
 
Municipal Entity ................................................................... 48
 
iii.
 
Obligated Person .................................................................. 57
 
iv.
 
Municipal Financial Products ............................................. 70
 
v.
 
Municipal Derivatives .......................................................... 70
 
vi.
 
Guaranteed Investment Contracts ..................................... 77
 
vii.
 
Issuance of Municipal Securities ......................................... 80
 
viii.
 
Investment Strategies ........................................................... 83
 
ix.
 
Pooled Investment Vehicles ............................................... 107
 
x.
 
Solicitation of a Municipal Entity or Obligated Person .. 113
 

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