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Federal Legislative and Regulatory Issues
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SEC Municipal Advisor Registration – Revisions Recommended to Exempt Banks
A Securities and Exchange Commission proposal needed to meet certain Dodd-Frank Act provisions would require SEC registration for any company providing "advice" to municipalities. As written, the proposal would require banks to register because of product and services relationships with or on behalf of municipalities such as deposit accounts, cash management, lending activities, and trust and custody products. These products and activities are already supervised by banking regulators. GBA has filed a comment letter urging the SEC to revise the proposal to exempt banks and their employees already under bank regulation or extend the exemption for registered investment advisers to banks that are exempt from Investment Adviser Act registration. Bills in the House (H.R. 2827, Dold) and Senate (S.1824, Toomey) contain measures to exclude banks from municipal adviser regulation.
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GBA's professional staff represents the membership at the both the state and federal levels. Contact any of them with questions about issues:
Joe Brannen |
