MSRB's extended role calls for advisers to report to board by year-end

By Susanna Moon

Chicago, Nov. 15 - The Municipal Securities Rulemaking Board said municipal advisers could begin registering with the board Monday and must do so by Dec. 31 in order to perform municipal advisory activities.

As of Oct. 1, the Dodd-Frank Wall Street Reform and Consumer Protection Act expanded the regulatory jurisdiction of the MSRB to include municipal advisers, the board noted.

Advisers who engage in municipal advisory activities after Dec. 31 without registering with the board will be in violation of MSRB rules.

The board noted that individual municipal advisers are not required to register with the board unless they are sole proprietors. Before registering with the MSRB, municipal advisers must be registered with the Securities and Exchange Commission.

Any municipal adviser that has previously registered with the MSRB as a broker, dealer or municipal securities dealer must register separately with the MSRB as a municipal adviser by updating the existing MSRB account.

Registration instructions are available online at msrb.org.

Questions about the registration process may be directed to the market information department at 703 797-6668.

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