Advisers and Brokers Must Be Wary of Municipal Advisor Registration Requirements

Last fall, the SEC resolved its first-ever enforcement proceeding against a broker-dealer for failure to comply with the registration requirements for municipal advisors. The SEC claimed that a representative of a broker-dealer had provided advice concerning purchases of municipal securities to a Midwestern city without the firm’s being registered as a municipal advisor. This article details the alleged violations and the terms of the resolution, with commentary and recommendations for avoiding violations of the municipal advisor registration rules from Peter W. LaVigne, partner at Goodwin Procter LLP. See “Marketing to Public Pension Plans: Municipal Advisors; Pay to Play Laws; and Gift and Entertainment Rules (Part One of Two)” (Apr. 18, 2019).

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