WASHINGTON — The Securities and Exchange Commission has extended for one year its temporary registration rules for municipal advisors, the second extension since the SEC issued the temporary rule late 2010.
The extension, which expires September 30, 2013, gives the SEC additional time to complete its final definition of municipal advisor.
The SEC’s announcement comes days after the House of Representatives passed H.R. 2827, a bill that would change the MA definition and except a number of market participants from being subject to MA registration and other rules.
The SEC created an initial MA definition in temporary rules that took effect in late 2010. Many market participants urged changes to that definition, which some said needlessly encompass appointed members of state and local government boards, as well as those already regulated, like advisors at banks and dealers.