To amend the Securities Exchange Act of 1934 to clarify provisions relating to the regulation of municipal advisors, and for other purposes.

Summary

Amends the Securities Exchange Act of 1934, as amended by Dodd-Frank Wall Street Reform and Consumer Protection Act, with respect to the regulation and registration of municipal advisors. Limits the term "municipal advisor" to such advisors formally engaged, in writing and for compensation, by a municipal entity. (Current law pertains to persons who provide advice to or on behalf of a municipal entity or obligated person.) Adds to the list of entities excluded from such registration and related requirements: (1) brokers, dealers, or municipal securities dealers (currently, only those serving as underwriters); (2) investment advisers registered with a state (currently, only advisers registered under the Investment Advisers Act of 1940); (3) swap dealers, major swap participants, futures commission merchants or introducing brokers registered under the Commodity Exchange Act (currently, only commodity trading advisors registered under that Act); (4) security-based swap dealers or major security-based swap participants registered under the Securities Exchange Act of 1934 who are providing advice related to, engaging in, or arranging any security-based swap; (5) persons associated with such newly added entities; (6) any financial institution or person associated with a financial institution; and (7) any elected or appointed member of a governing body of a municipal entity, with respect to such member's role on the governing body. Excludes certain activities related to investment strategies from such requirements. Revises the definition of "solicitation of a municipal entity" to specify that communications on behalf of a fund or other collective investment vehicle shall not be deemed to be on behalf of any investment adviser that advises or manages such fund or investment vehicle. Eliminates fiduciary duty standards for municipal advisors under the Securities Exchange Act of 1934 (thereby eliminating federal standards while existing state and local fiduciary duties would remain). Directs the Municipal Securities Rulemaking Board to: (1) limit the duties of municipal advisors in relation to municipal entities to the activities specified in this Act, (2) specify when such duties begin and terminate, and (3) not prohibit principal transactions by municipal advisors.

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Documents

8 official files

• Referred in Senate (text)

  Referred in Senate · EN · 20 September 2012

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• Referred in Senate (PDF)

  Referred in Senate · EN · 20 September 2012

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• Engrossed in House (text)

  Engrossed in House · EN · 19 September 2012

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• Engrossed in House (PDF)

  Engrossed in House · EN · 19 September 2012

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• Passed House amended

  summary · EN · 19 September 2012

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• Introduced in House (text)

  Introduced in House · EN · 26 August 2011

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• Introduced in House (PDF)

  Introduced in House · EN · 26 August 2011

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• Introduced in House

  summary · EN · 26 August 2011

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