U.S. Congress - H.R.2827 To amend the Securities Exchange Act of 1934 to clarify provisions relating to the regu...
H.R.2827 - To amend the Securities Exchange Act of 1934 to clarify provisions relating to the regulation of municipal advisors, and for other purposes.
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- Official: To amend the Securities Exchange Act of 1934 to clarify provisions relating to the regulation of municipal advisors, and for other purposes. as introduced.
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Official Summary
8/26/2011--Introduced.Amends the Securities Exchange Act of 1934, as amended by Dodd-Frank Wall Street Reform and Consumer Protection Act, with respect to the regulation and registration of municipal advisors. Limits the term "municipal advisor" to such advisors formally engaged,Official Summary
8/26/2011--Introduced.Amends the Securities Exchange Act of 1934, as amended by Dodd-Frank Wall Street Reform and Consumer Protection Act, with respect to the regulation and registration of municipal advisors. Limits the term "municipal advisor" to such advisors formally engaged, in writing and for compensation, by a municipal entity. (Current law pertains to persons who provide advice to or on behalf of a municipal entity or obligated person.) Adds to the list of entities excluded from such registration and related requirements:(1) brokers, dealers, or municipal securities dealers (currently, only those serving as underwriters);
(2) investment advisers registered with a state (currently, only advisers registered under the Investment Advisers Act of 1940);
(3) swap dealers, major swap participants, futures commission merchants or introducing brokers registered under the Commodity Exchange Act (currently, only commodity trading advisors registered under that Act);
(4) security-based swap dealers or major security-based swap participants registered under the Securities Exchange Act of 1934 who are providing advice related to, engaging in, or arranging any security-based swap;
(5) persons associated with such newly added entities;
(6) any financial institution or person associated with a financial institution; and
(7) any elected or appointed member of a governing body of a municipal entity, with respect to such member's role on the governing body. Excludes certain activities related to investment strategies from such requirements. Revises the definition of "solicitation of a municipal entity" to specify that communications on behalf of a fund or other collective investment vehicle shall not be deemed to be on behalf of any investment adviser that advises or manages such fund or investment vehicle. Eliminates fiduciary duty standards for municipal advisors under the Securities Exchange Act of 1934 (thereby eliminating federal standards while existing state and local fiduciary duties would remain). Directs the Municipal Securities Rulemaking Board to:
(1) limit the duties of municipal advisors in relation to municipal entities to the activities specified in this Act,
(2) specify when such duties begin and terminate, and
(3) not prohibit principal transactions by municipal advisors.
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Recent News Coverage
September's top 10 regulatory moves you need to know
Robert Dold, R-Ill., introduced HR 2827, which seeks to narrow the definition of a municipal adviser. The Municipal Securities Rulemaking Board pulled back six proposed rules in September covering municipal advisers after concern the SEC's definition
Financial services legislative and regulatory update
HR 2827 would make sure that already regulated entities—such as brokers, dealers, municipal securities dealers, swaps dealers, banks and other institutions—are not classified as municipal advisors. SEC Official Lays Out its remaining Dodd-Frank ...
GOP takes another shot at Dodd-Frank, seeks to ease rules on municipal advisors
Dold's bill, HR 2827, would seek to correct the SEC's proposed rule by clarifying that entities already subject to regulation cannot be subject to Section 975. It would also narrow the scope of municipal adviser activities captured by the law, ...
Recent Blog Coverage
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The Santorum taint. « The Edge of the American West
The Lundeen bill (H.R. 2827) was a more comprehensive and progressive plan than Roosevelt¹s Economic Security Act since it (a) provided coverage for all workers; (b) offered a federal, rather than federal-state, system for ...
Dold Pushes to Weaken Investor Protections | Illinois Tenth ...
For only $1000 he serves as principal sponsor of H.R. 2827, a bill that seeks to weaken several provisions of Dodd-Frank intended to require many players in the financial industry to assume a fiduciary responsibility on behalf ...
No Taxation without Information
Charles Schumer (D-NY) to introduce the Taxpayer Right-to-Know Act (HR 2827) in November 1997, which subsequently received bipartisan support. The bill would have allowed taxpayers to request an itemized receipt when they filed their ... -
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