The SEC said today it has adopted a temporary rule requiring advisors who provide advice to state and local governments to register with the agency by Oct. 1.
The deadline was established by the newly-enacted Dodd-Frank Wall Street Reform and Consumer Protection Act.
Municipal advisors typically provide advice related to municipal derivatives, guaranteed investment contracts, investment strategies or the issuance of municipal securities, the SEC said. Municipal advisors also solicit business from a state or local government for a third party.
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