WASHINGTON - The Securities and Exchange Commission Thursday announced that it has adopted a temporary rule requiring municipal advisers to register with it by Oct. 1 in order to comply with the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act.
“We have acted expeditiously to create a temporary registration system to gather key data and provide transparency about municipal advisers,” SEC Chairman Mary L. Schapiro, said in a press release. “As a result, regulators, investors, and state and local governments will have a much better understanding of those who provide services in the municipal market.”
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