The SEC said it would delay until July 1 the compliance date for registration as a municipal adviser under the Dodd-Frank Act. Although the rule -- originally scheduled to take effect today -- was more limited in scope than its original proposal, it may still require registration for many bankers, broker-dealers and trust professionals.
The SEC acted following ABA advocacy urging a delay in the registration deadline. “Many significant questions remain about the scope and applicability of the Rule,” ABA said in a letter to the SEC on Friday. “We therefore strongly urge the Commission to delay effective date of the municipal adviser final rule until the Commission has given much-needed interpretive guidance to the banking industry.”
Read the SEC’s release.
Read ABA’s letter.