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.