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Regulation and Your Consultants: Drawing the Line  


Author:  Robert Doty.; Mary Simkins.; Leslie Norwood.; Nat Singer.; Lakshmi Kommi.


Source: Volume 38, Number 04, Winter 2018 , pp.25-41(17)




Municipal Finance Journal

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Abstract: 

This panel discusses the dividing line between which professionals are and which are not “municipal advisors” pursuant to SEC Rule 15Ba1-1 and published SEC guidance. Is the line between them well-defined? Where might there be overlap and when should regulators be concerned with the role and work of consultants? What are the regulations that issuers should be aware of as it affects them in working with regulated consultants? Additional detail, based upon excerpts from SEC statements and Rule 15Ba1-1, is set forth in an Appendix. Key resources include SEC Rule 15Ba1-1, SEC Rel. No. 34-70462, 78 FR 67468 (November 12, 2013), and SEC FAQs published at https://www.sec.gov/info/municipal/mun-advisors-faqs.shtml.

Keywords: Municipal advisor, SEC Rule Ba1-1, MSRB Rules G-17, G-42, G-37, Series 50 exam, IRMA exemption

Affiliations:  1: AGFS; 2: SEC Office of Municipal Securities; 3: Securities Industry and Financial Markets Association; 4: Swap Financial Group; 5: City of San Diego.

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