Municipal Advisors

Rule and FAQs

• Text of Municipal Advisor Rule and Statutory Basis (Sept. 20, 2013)
• Registration of Municipal Advisors Frequently Asked Questions | (PDF) (updated March 14, 2023)
• Final Municipal Advisor Registration Rule (Sept. 20, 2013) Federal Register Version  (Nov. 12, 2013)
• Temporary Stay of Final Municipal Advisor Registration Rule (Jan. 13, 2014) Federal Register Version (Jan. 16, 2014)

Registration Forms

• Instructions for the Form MA Series
• Form MA
• Form MA-I
• Form MA-NR
• Form MA-W

Information and Resources

• Municipal Advisor Enforcement Actions
• Division of Examinations Risk Alerts
• Informational Bulletin: What Charter Schools Should Know About Municipal Advisor Regulation (November 5, 2024)
• Obtaining Edgar Credentials
  • Overview of EDGAR Technical Aspects for Municipal Advisors: (Webcast Archive 1:17 to 3:05) (October 7, 2021)
  • Submitting EDGAR Form ID for Municipal Advisors:  (Webcast Archive 3:05 to 7:40) (October 7, 2021)
  • Generating EDGAR Access Codes (Webcast Archive 7:40 to 9:15) (October 7, 2021)
  • Updating CIK Password (Webcast Archive 9:15 to 9:40) (October 7, 2021)
  • Obtaining New Pass Phrase (Webcast Archive 9:40 to 10:52) (October 7, 2021)
• Submitting Municipal Advisor Forms
  • General Issues With Municipal Advisor Forms (Webcast Archive 10:52 to 12:51) (October 7, 2021)
  • Form Submission Types (Form MA, Form MA-I and Form MA-W) (Webcast Archive 12:51 to 14:30) (October 7, 2021)
• Common Issues with Municipal Advisor Forms
  • Filing Form MA Annual Amendment (Webcast Archive 14:30 to 16:15) (October 7, 2021)
  • How to File Form MA-I for Person Switching MA Firms (Webcast Archive 16:15 to 17:36) (October 7, 2021)
  • Form MA-I Filings for Firms Withdrawing Registration (Webcast Archive 17:36 to 18:29) (October 7, 2021)
  • Changing Form of Organization on Form MA (e.g. partnership to corporation or sole proprietor to company) (Webcast Archive 18:29  to 20:20) (October 7, 2021)
  • Form MA-I Issues with Employment History (ALL CAPS and other tricks) (Webcast Archive 20:20 to 21:55) (October 7, 2021)
  • How to List CCO on Form MA (Webcast Archive 21:55 to 22:56) (October 7, 2021)
  • Natural Person Working with More Than One Firm (Form MA-I) (Webcast Archive 22:56 to 23:27) (October 7, 2021)
  • Form Updates Not Showing on EDGAR (Webcast Archive 23:27 to 25:29) (October 7, 2021)
  • Timeframe for Accepting Forms on EDGAR (Webcast Archive 25:29 to 27:05 ) (October 7, 2021)
  • What is an Accession Number (Webcast Archive 27:05 to 27:45) (October 7, 2021)
  • Other EDGAR Tools and Resources (Webcast Archive 27:45 to 30:05) (October 7, 2021)
• Information on Amendments to Municipal Advisor Forms Relating to PII
• List of Registered Municipal Advisors (updated monthly)
• For free access to a registered municipal advisor's SEC filings (e.g., Form MA and Form MA-I) refer to the EDGAR Company Filings website
• 2021 Compliance Outreach Program for Municipal Advisors - Webcast Archive (October 7, 2021)
• 2020 Compliance Outreach Program for Municipal Advisors - Webcast Archive (August 13, 2020)
• 2019 Compliance Outreach Program for Municipal Advisors - Webcast Archive (May 21, 2019)
• 2017 Compliance Outreach Program for Municipal Advisors - Webcast Archive (Nov. 3, 2017)
• 2016 Compliance Outreach Program for Municipal Advisors - Webcast Archive Part 1, Webcast Archive Part 2 (Feb. 3, 2016)
• 2014 Compliance Outreach Program for Municipal Advisors - Transcript (Nov. 3, 2014)
• Municipal Advisor Exam Initiative (Aug. 19, 2014)

Orders

• Order granting temporary conditional exemption from broker registration (Order Granting a Temporary Conditional Exemption from the Broker Registration Requirements of Section 15(a) of the Securities Exchange Act of 1934 for Certain Activities of Registered Municipal Advisors)
  • Data Disclosures
• Order concerning COVID-19 (Order Under Section 15B of the Securities Exchange Act of 1934 Granting an Exemption for Municipal Advisors from Specified Provisions of the Securities Exchange Act and Rule 15Ba1-5(a)(1) Thereunder)
• Order concerning Hurricane Michael (Order Under Section 15B, Section 17A and Section 36 of the Securities Exchange Act of 1934 Granting Exemptions from Specified Provisions of the Exchange Act and Certain Rules Thereunder; Order Under Section 6(c) and Section 38(a) of the Investment Company Act of 1940 Granting Exemptions from Specified Provisions of the Investment Company Act and Certain Rules Thereunder)
• Order concerning Hurricane Florence (Order Under Section 15B, Section 17A and Section 36 of the Securities Exchange Act of 1934 Granting Exemptions from Specified Provisions of the Exchange Act and Certain Rules Thereunder; Order Under Section 6(c) and Section 38(a) of the Investment Company Act of 1940 Granting Exemptions from Specified Provisions of the Investment Company Act and Certain Rules Thereunder)
• Order concerning Hurricane Harvey, Hurricane Irma, and Hurricane Maria (Order Under Section 15B, Section 17A and Section 36 of the Securities Exchange Act of 1934 Granting Exemptions from Specified Provisions of the Exchange Act and Certain Rules Thereunder; Order Under Section 6(C) and Section 38(A) of the Investment Company Act of 1940 Granting Exemptions from Specified Provisions of the Investment Company Act and Certain Rules Thereunder)

Comment Letters

• Bond Dealers of America (September 25, 2019)
• Bond Dealers of America (September 25, 2019)
• Bond Dealers of America (September 9, 2019)
• National Association of Municipal Advisors (July 18, 2019)
• Bond Dealers of America (June 28, 2019)
• Securities Industry and Financial Markets Association (June 12, 2019)
• PFM Financial Advisors LLC (October 30, 2018)
• Securities Industry and Financial Markets Association (March 12, 2015)
• National Association of Municipal Advisors (December 15, 2014)
• Bond Dealers of America (October 17, 2014)