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SEC Issues Final Municipal Advisors Rule – IBA Compliance Connection

SEC Issues Final Municipal Advisors Rule

The Securities and Exchange Commission has issued its final rule on municipal advisors, with an effective date of January 13, 2014. The final rule narrows the original proposal’s definition of “investment strategies” on which municipal advisors give advice, and provides exemptions for many traditional banking products and services. Individuals working for registered municipal advisory firms do not need to register individually, but may rely on their firms’ registrations.