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In the Adopting Release, the Commission provided a phased-in compliance period, beginning on July 1, 2014 and ending on October 31, 2014, for municipal advisors to comply with the requirement to register as municipal advisors using the final registration forms under the Final Rules.[5] The temporary stay of the Final Rules did not affect this phased-in compliance period.[6] Responses to Frequently Asked Questions Question 1.1: The General Information Exclusion from Advice versus Recommendations: What are some relevant considerations regarding the content, context, and manner in which a person may provide information (either in writing or in oral communications) to a municipal entity or obligated person without giving “advice” that would require registration as a municipal advisor? Under the Commission’s interpretation in the Adopting Release of the term “advice” solely for purposes of the municipal advisor definition,[7] the term “advice” is not susceptible to a bright-line definition and can be construed broadly, and the determination of whether a person provides advice to or on behalf of a municipal entity or an obligated person regarding municipal financial products or the issuance of municipal securities depends on all of the relevant facts and circumstances.Any updates will include appropriate references to dates of new or modified questions and answers.For Further Information Contact: Office of Municipal Securities Securities and Exchange Commission 100 F Street, NE Washington, DC 20549-7010 (202) 551-5680 [email protected] 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act amended Section 15B of the Securities Exchange Act of 1934 (“Exchange Act”) to add a new requirement that “municipal advisors” register with the Securities and Exchange Commission (“Commission” or “SEC”), effective October 1, 2010.An important factor in this inquiry is whether, considering its content, context and manner of presentation, the information communicated to the municipal entity or obligated person reasonably would be viewed as a suggestion that the municipal entity or obligated person take action or refrain from taking action regarding municipal financial products or the issuance of municipal securities.”[10] .The staff believes that a person could rely on the general information exclusion from advice under the Final Rules when providing a municipal entity or obligated person with information that does not involve a recommendation, such as factual information that does not contain subjective assumptions, opinions, or views.

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