[ by Howard Haykin ]

The SEC is amending interim final temporary Rule 15Ba2-6T, which provides for the temporary registration of municipal advisors under the Securities Exchange Act of 1934, as amended by the Dodd-Frank Reform Act, to extend the date on which Rule 15Ba2-6T (and consequently Form MA-T) will sunset from 9/30/12 to 9/30/13.  As amended, all temporary registrations submitted pursuant to Rule 15Ba2-6T will expire no later than 9/30/13.

Discussion. Section 15B(a)(1) of the Exchange Act, as amended, makes it unlawful for a municipal adviser to provide advice to or on behalf of a municipal entity or obligated person with respect to municipal financial products or the issuance of municipal securities, or to undertake a solicitation of a municipal entity or obligated person, unless the municipal advisor is registered with the Commission.  The registration requirement for municipal advisors became effective on 10/1/10.  On 9/1/10, the SEC adopted interim final temporary Rule 15Ba2-6T, which permits municipal advisors to temporarily satisfy the statutory registration requirement by completing Form MA-T through the SEC public website. 

Rule 15Ba2-6T serves as a transitional step to the implementation of a permanent registration program, makes relevant information available to the public and municipal entities, and permits municipal advisors to continue their business after October 1, 2010.

The extension provides a method for municipal advisors to continue to temporarily satisfy the registration requirement under Section 15B of the Exchange Act until the Commission promulgates a final rule that establishes another manner of registration of municipal advisors, prescribes a form for such purpose, and develops an electronic registration system. The extension will prevent a gap between the time at which the temporary rule expires and at which municipal advisors must be registered with the Commission under a permanent registration.

SEC Staff Contacts. Molly Kim, Sr. Special Counsel, Office of Market Supervision [(202) 551-5644];  Yue Ding, Attorney-Adviser, Market Supervision [(202) 551-5842];  Mary Simpkins, Sr. Special Counsel, Office of Municipal Securities  [(202) 551-5683];  Dave Sanchez, Attorney Fellow, Municipal Securities, [(202) 551-5540];  John McWilliams, III, Attorney Fellow, Municipal Securities  [(202) 551-5688].

For further details, go to: [SEC Interim Final Temporary Rule Release 34-67901, 9/21/12].