The SEC has finalized regulations implementing Section 975 of the Dodd-Frank Act, which created a new regime of municipal advisor regulation. Jim Hamilton has written a special report reviewing the new rules, which significantly dial back the scope of the registration requirement compared to the SEC’s original proposal. Jim's briefing paper discusses the many comments that informed the final regulations and provides an executive summary of the entities and individuals that are, and are not, subject to the regulation.
Jim also analyzes pending bipartisan legislation clarifying Section 975 and discusses the industry’s reaction to the new developments. The briefing paper, “SEC Implements Dodd-Frank Municipal Advisor Regulatory Regime Against Backdrop of Pending Legislation,” is available for download here.