SIFMA Finalizes Model Documents for Compliance with Municipal Advisor Rule

SIFMA announced the finalization of its model documents and related guidance to help broker-dealers and other financial institutions comply with the new regulatory requirements created by the SEC Municipal Advisor Rule.

The Municipal Advisor Rule, which is effective on July 1, 2014, imposes a registration regime upon municipal advisors and a fiduciary duty upon municipal advisors that give advice to municipal entities. According to SIFMA, the model disclosures are designed to be a starting point to assist firms coming into compliance with the rule.

SIFMA also announced that it will host a seminar and webinar titled "Muni Advisor Regulation: Implementation and Registration" on May 9, 2014, to discuss the regulatory framework and outlook for municipal advisors and other firms potentially covered by this rule.

See: SIFMA Municipal Advisor Model Documents; SIFMA Press Release. See also: Information on the SIFMA Muni Advisor Regulation Seminar. Related news: SEC Issues Temporary Stay of Final Rule on Registration of Municipal Advisors (Fed. Reg.) (January 16, 2014); SEC Delays Date for Compliance with Final Municipal Advisor Registration Rules (January 13, 2014); SEC Issues Interpretive Guidance on Municipal Advisor Registration Rules (January 10, 2014); SEC Extends Expiration Date of Effective Period for Exchange Act Rule 15Ba2-6T (September 23, 2013); SEC Press Release on Its Approval of Registration Rules for Municipal Advisors (September 18, 2013)