Municipal Advisors
In 2010 the Dodd-Frank Wall Street Reform and Consumer Protection Act required municipal advisors to be registered with the SEC. The term municipal advisor was defined in the Act to address concerns that the advisors of municipalities were providing important public financing advice without any oversight. Now municipal advisors are subject to many of the same rules as municipal securities dealers.
Municipal advisors provide advice to, or on behalf of, municipal entities or an obligated person. Municipal advisor activities include:
- • Providing advice about municipal financial products
- • Providing advice about the issuance of municipal securities
- • Soliciting municipal entities to invest in financial pr