SEC Approves New Municipal Advisor Supervision Rule

Posted on November 4th, 2014 at 10:44 AM

From the Desk of Jim Eccleston at Eccleston Law Offices:

The SEC approved a rule establishing supervisory requirements for municipal advisors. The new supervisory and compliance obligations will take effect in six months.

By April 23, 2016, municipal advisors must make the first of their annual certifications in writing certifying that, the firm has in place processes to establish, maintain, review, test and modify written compliance and written supervisory procedures reasonably designed to achieve compliance with the new obligations.

The rule requires firms to designate a chief compliance officer, but allows flexibility for smaller or even single-person firms to tailor their compliance policies as appropriate to their size. 

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: SEC, municipal advisors, chief compliance officer

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