MSRB NOTICE 2010-50 (NOVEMBER 15, 2010)

MSRB OPENS MUNICIPAL ADVISOR REGISTRATION SYSTEM

Effective November 15, 2010, municipal advisors may begin registering with the Municipal Securities Rulemaking Board (MSRB).

As of October 1, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act expanded the regulatory jurisdiction of the MSRB to include municipal advisors.  Municipal advisor firms must register with the MSRB by December 31, 2010 in order to engage in municipal advisory activities.  Any municipal advisor that engages in municipal advisory activities after December 31, 2010 without registering with the MSRB will be in violation of MSRB rules.

Individual municipal advisors are not required to register with the MSRB unless they are sole proprietors.  Prior to registering with the MSRB, municipal advisors must be registered with the Securities and Exchange Commission.

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

Municipal advisor registration instructions are available on the municipal advisor registration page of the MSRB’s website, at www.msrb.org.

Questions about the registration process may be directed to the MSRB Market Information Department at 703-797-6668.

November 15, 2010