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Wednesday, August 20, 2014

SEC to Begin Municipal Adviser Exams

The SEC sent a letter to newly registered municipal advisers explaining its approach to upcoming compliance exams over the next two years. The exams will apply to municipal advisers registered with the SEC but not with FINRA, the securities industry’s self-regulatory entity.

The SEC’s examiners will evaluate municipal advisers for compliance with rules issued both by the SEC and the Municipal Securities Rulemaking Board on registration, fiduciary duty, disclosures, fair dealing, supervision, recordkeeping and staff training. The SEC staff said firms would be contacted individually when selected for examination.

The SEC finalized its municipal adviser rule under the Dodd-Frank Act earlier this year, and firms subject to the rule had until July 1 to register as advisers.

Read the letter.
View ABA resources on muni adviser registration.

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