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Thursday, October 31, 2013

ABA Staff Summary Covers Muni Adviser Rule

ABA has released part one of a staff summary on the final municipal adviser rule that the SEC adopted in September. Part one covers key definitions and exemptions, and offers a decision tree to help bankers understand if they will need to register under the rule.

The final rule narrows the scope of who must register as a municipal adviser by more narrowly defining what constitutes “investment strategies” that a municipal adviser gives advice on. It also provides exemptions for a few traditional banking products and services (depository products, extensions of credit and indenture trustees), as well as for individuals who are serving in an official capacity with a municipality.

Read the staff summary.


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