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 Jan. 17, 2025)
• Final Municipal Advisor Registration Rule (Sept. 20, 2013) Federal Register Version  (Nov. 12, 2013)
• Amendments to Form MA, Form MA-I, and Instructions for the Form MA Series to Remove Provision of Certain Personally Identifiable Information (Apr. 24, 2018) Federal Register Version (May 14, 2018)

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
  • Municipal Advisors: Staff Assessment of Risks, Scoping of Examinations, and Requesting of Documents
  • Recent Observations From Municipal Advisor Examinations
• Statistics & Data Visualizations: Municipal Advisors
• Informational Bulletin: How to Register as a Municipal Advisor (November 19, 2025)
• Informational Bulletin: What Charter Schools Should Know About Municipal Advisor Regulation (November 5, 2024)
• 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
• Past Compliance Outreach Programs for Municipal Advisors (2014 – 2024)
• Municipal Advisor Exam Initiative (Aug. 19, 2014)

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)