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Are You a Municipal Advisor? And If So, Are You Exempt?

from Securities and Exchange Commission

The Dodd-Frank financial services reform law, which is now in effect, requires Securities and Exchange Commission (SEC) registration on the part individuals and firms that provide financial advice to municipalities. Does that mean you and/or your firm? Maybe. Dodd-Frank includes an exemption for engineers that provide engineering advice, such as feasibility studies and cash-flow modeling. However, according to a new SEC Q&A, "an engineer providing advice on how to structure the related issuance of municipal securities, including the length of any capitalized interest period and the amount of capitalized interest to be financed, would constitute municipal advisory activities outside the scope of the engineering exclusion" and so would require registration. If you or your firm provides services to government entities, you need to know this law! more


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