H.R. 2827 (Amending Exchange Act Provisions Regulating Muni Advisers) Is Unanimously Ordered to be Amended

The purpose of this bill (originally introduced on August 26, 2011 by Congressman Robert J. Dold, referred to the House Committee on Financial Services) is to amend the Securities Exchange Act of 1934 in order to clarify provisions relating to the regulation of municipal advisors. The bill addresses: (1) the definition of municipal advisor; (2) the definition of investment strategies; (3) the definition of solicitation of a municipal entity; and (4) the elimination of the federal fiduciary standard for municipal advisors.

In the latest major action (as of September 12, 2012), the bill was unanimously ordered to be reported (i.e., amended).

View bill in full here (links externally to GPO website). See also: Link on Cabinet toSection 15B (Municipal Securities) of the Exchange Act.