This week The Bond Buyer features an op-ed by the BDA entitled, “Clearing Up the Confusion on Non-Dealer MA Registration.” The commentary is in response to an article in The Bond Buyer on December 16 on a letter from the National Association of Municipal Advisors to the SEC requesting “exemptions from broker-dealer and investment adviser registration for MA firms engaged in activities that are understood to be normal municipal advisory services.”
The BDA very clearly defines non-dealer MA services versus regulated services of broker dealers. Particularly, the BDA stresses that acting as a placement agent is broker-dealer activity, which is regulated with both issuer and investor protections from which MAs should not be exempt.
The SEC’s Muni MA Rule continues to be a major focus of the BDA as we continue working to define activities and achieve a level playing field of federal regulation.
The op-ed is available here and the article on NAMA is available here.
