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

The Securities and Exchange Commission ("Commission') is granting a temporary conditional exemption from broker registration under Section 15 of the Securities Exchange Act of 1934 ("Exchange Act') for registered municipal advisors to address disruption in the municipal securities markets as a result of the coronavirus disease 2019 ("COVID-19') pandemic. The temporary conditional exemption permits registered municipal advisors to solicit banks, their wholly- owned subsidiaries that are engaged in commercial lending and financing activities, and credit unions in connection with direct placements of securities issued by their municipal issuer clients, subject to the requirements set forth below.