A broker-dealer settled SEC charges for operating as an unregistered municipal advisory firm by providing advice to a municipality regarding securities that were purchased with the proceeds from an issuance of bonds.
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The SEC granted a temporary conditional exemption from "broker" status to allow municipal advisors to solicit certain types of potential investors in "direct placements" by municipal issuers.
The SEC proposed exempting certain municipal advisor activities from broker-dealer registration requirements.
The SEC, the MSRB and FINRA announced that open registration for the Compliance Outreach Program for Municipal Advisors will be held on November 10, 2016. Registration will be streamed via a live webcast available on the MSRB website.