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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

On September 19th, H.R. 2827 (Amending Exchange Act Provisions Regulating Muni Advisers) passed the House of Representatives and was sent to the Senate for consideration. The purpose of this bill is to amend the Exchange Act in order to clarify provisions relating to the regulation of municipal advisors. Click here to track this bill. View bill in full here (links externally to GPO website). See also : Link on Cabinet to Section 15B (Municipal Securities) of the Exchange Act; September 18 Cabinet news entry.

At yesterday's House Financial Services Subcommittee Markup, members approved H.R. 2827, introduced by Rep. Robert Dold (R-Ill.), by a vote of 20 to 10 with 1 present. The bill aims to clarify the definition of "municipal advisor" Additionally, the bill seeks to introduce exemptions to the municipal advisor definition. The definition of "municipal advisor" is in Section 15B (e)(4) of the Exchange Act. The revised definition narrows the definition and makes the definition less ambiguous by requiring that such entity be "formally engaged, in writing and for compensation" by a municipal entity