OCC Issues Final Rule Regarding Muni Advisor Registration

The Office of the Comptroller of the Currency ("OCC") issued a final rule regarding the registration of municipal advisor. The final rule requires muni advisors that are banks to register with the SEC. The OCC stated that banks should analyze the application of the final rule to their operations. Banks meeting the "municipal advisor" definition must now file Form MA-T with the SEC, if they have not already done so, and are subject to a fiduciary duty standard with regard to any municipal entities they advise within the scope of the rule. Municipal advisors that register through Form MA-T under the temporary regime are required to file Form MA under the permanent regime in the latter half of 2014, as set forth in a separate release. After September 30, 2014, banks that are required to register must do so using ForM& MA.

See: Text of final rule; Press Release.