New Municipal Advisor Regulations: Navigating Complex Registration and Exemption Rules

Understanding SEC's Regulatory Framework, MSRB Guidance, and Best Practices for Muni-Bond Market Course of Dealings

Recording of a 90-minute CLE webinar with Q&A

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Conducted on Thursday, May 22, 2014

Recorded event now available

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Course Materials

This CLE course will equip municipal lawyers with guidance on navigating the new, complex maze of municipal advisor registration and exemption rules. The panel will discuss the SEC’s regulatory framework, MSRB guidance and best practices in the muni-bond market going forward.


The Municipal Advisor Rule will take effect on July 1, 2014. As a result of implementation of the new Rule, relationships, the flow of information, and muni-bond course of dealings will change. Counsel to muni-bond issuers, borrowers, advisors, bond underwriters, banks and other participants in bond transactions will be affected by this substantial regulation.

Confusion continues regarding the definition of the municipal advisor who will ultimately be required to register with the SEC and applicable exemptions. The exemptions are so complex that most advisors need guidance on whether or not they apply. If the advisor should register and doesn't, substantial monetary fines and other penalties may be imposed.

In addition, municipal securities issuers must take care to receive and rely only on advice from registered municipal advisors and those who fall within an exception. 

Listen as our distinguished panel reviews the regulations regarding who will be treated as a municipal advisor, creating the authority to give advice and the requirement of SEC registration, the extensive and confusing exclusion framework, and best practices in continuing municipal bond transactions within this new regulatory environment.



  1. Regulatory framework
    1. SEC Municipal Advisor Rule
    2. SEC FAQs
    3. Proposed MSRBRule G-42
  2. Municipal advisor definition
  3. Municipal advisor exemptions
  4. Best practices for municipal bond course of dealings


The panel will review these and other key questions:

  • How does the new Municipal Advisor Rule impact municipal bond issuers and borrowers?
  • What individuals will be required to register? What are the exemptions to registration?
  • What new techniques and processes must be implemented to continue muni-bond transactions?


David Y. Bannard
David Y. Bannard

Foley & Lardner

Mr. Bannard focuses his practice on representing airports in a wide variety of matters, including leasing, financing,...  |  Read More

Ellen L. Marks
Ellen L. Marks

Latham & Watkins

Ms. Marks is a member of the firm’s Corporate and Finance Department where she handles complex and innovative...  |  Read More

Stephen P. Wink
Stephen P. Wink

Latham & Watkins

Mr. Wink is a member of the firm's Corporate Department and of the Capital Markets, Financial Regulatory,...  |  Read More

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