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Tuesday, May 20, 2014

SEC Updates Municipal Adviser FAQs

The SEC updated its frequently asked questions on implementing the municipal adviser registration rule. The document offers general interpretive guidance from SEC staff on certain topics, including the rule’s advice standard and its bank exemption.

As ABA had requested, the FAQs provide the option of negative consent as a mechanism for determining whether an existing account contains proceeds from the issuance of municipal bonds; clarify when the proceeds of pension obligation bonds lose their character as "proceeds"; address the ability of dual employees to rely on more than one exemption in discussions with municipalities; and affirm the scope of the bank exemption as covering the purchase from a municipality of its bonds for the bank's own account.

Read the updated FAQs.

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