July 1st will be here sooner than you think: Have you analyzed the Municipal Advisor Rule to see how it affects you?


The Dodd-Frank Wall Street Reform and Consumer Protection Act amended Section 15B of the Securities Exchange Act of 1934 to add a new requirement that "municipal advisors" register with the Securities and Exchange Commission ("Commission" or "SEC"). On September 20, 2013, the Commission adopted final rules for municipal advisor registration (the "Municipal Advisor Rule"), which, among other things, interpret the statutory definition of the term "municipal advisor" to include much of what underwriters used to do, especially prior to formal engagement.

In order to provide guidance on certain aspects of the Municipal Advisor Rule, the SEC responded on January 10, 2014 to a set of frequently asked questions posed by the municipal finance industry (the "FAQs"). On January 13, 2014, the Commission extended the effective date of the Municipal Advisor Rule until July 1, 2014 to give bankers, advisors and issuers more time to digest this rule and the guidance.

Topics covered:

  • Overview of the Municipal Advisor Rule
  • Discussion of exemptions and FAQs
  • Talking points for underwriters and issuers
    • What can bankers say to issuers?
    • What new protocols and documentation can issuers expect to receive from bankers?
    • Development and implementation of policies and procedures now -- Be Prepared!