Commentary by Steven Lofchie
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.
SIFMA raised concerns on a MSRB-proposed rule to codify previously issued interpretive guidance on conduct requirements applicable to solicitor municipal advisors.
SIFMA filed suit seeking to vacate a recently adopted SEC temporary exemption for municipal advisors from broker-dealer registration.
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.