On March 20th, the SEC’s Office of Municipal Securities updated its
Registration of Municipal Advisors Frequently Asked Questions webpage to add a section, entitled
Completion of Form MA, Form MA-I, and Form MA-NR. The addition is designed to enhance transparency and efficacy within the municipal advisor registration process and provide increased clarity to registrants.
The new section provides supplemental staff guidance on the required information and timelines regarding:
- Form MA: for an amendment of a prior application for registration, an application for municipal advisor registration, and an annual update of municipal advisor registration
- Form MA-I: for information regarding natural persons who engage in municipal advisor activities
- Form MA-NR: for designation of US agent for service of process for non-residents
To determine how and when to issue municipal securities and how to invest proceeds from the sale of such securities, state and local governments often confer with advisors. Under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, these advisors are required to register with the SEC. In September 2013, the SEC adopted rules for the municipal advisor registration process and its forms, which include Form-MA, Form MA-I, and Form MA-NR.
Source:
SEC Office of Municipal Securities Issues FAQs for Registration of Municipal Advisors (sec.gov)
