COMMENTS FILED OPPOSING SEC’S PROPOSED RULE ON REGISTRATION OF “MUNICIPAL ADVISORS”
The League recently filed comments with the federal Securities and Exchange Commission (SEC) opposing a proposed rule that would require appointed board members of municipal entities that issue municipal securities or that invest public funds to register as “municipal advisors” with the SEC and the federal Municipal Securities Rulemaking Board. The proposed rule would have the effect of requiring individuals appointed to certain boards and commissions, including economic development corporations, to pay annual registration fees and subject themselves to heightened federal regulatory controls. To view the comments, go to http://www.tml.org/legal_topics/legal_finance.asp.
For more information on the proposed rule, or to submit comments to the SEC online, please visit http://sec.gov/news/press/2010/2010-253.htm. Comments must be submitted to the SEC no later than February 22, 2011.