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SEC to Launch Municipal Adviser Exam Initiative

Jaclyn Jaeger | August 20, 2014

The Securities and Exchange Commission announced this week that it will be launching an examination initiative directed at newly regulated municipal advisors.

SEC rules that took effect July 1 require municipal advisors to register with the SEC through the SEC’s EDGAR system under the final registration process during a four-month phase-in period by Oct. 31. “The examinations are designed to establish a presence with the newly-regulated municipal advisors,” the SEC stated.

Over the next two years, the SEC’s Office of Compliance Inspections and Examinations said it plans to examine “a significant percentage of these advisors using an approach that focuses on identified risks.”

Areas targeted for scrutiny may include the municipal advisor’s compliance with its fiduciary duty to its municipal entity clients; books and recordkeeping obligations; disclosure; fair...

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