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Proposed Rule Registration of Municipal Advisors  Form MA W  Sec

Proposed Rule Registration of Municipal Advisors Form MA W Sec

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Instructions and help about sec municipal advisor registration

okay so we're at a slide now that's titled umbrella registration and if you remember back to our four big themes the first theme in this rulemaking was the SMA element Pat has helped us go through that the next big theme was umbrella registration so umbrella registration is already in wide use today and the SEC makes note of that in in the release and has statistics about how many investment advisor firms are currently being reported on a umbrella basis but but the SEC realized a couple of things first umbrella registration today exists by virtue of a no-action letter so essentially a position taken by the SEC staff outside of the form ADV instructions such that if you are going through the form ADV and sort of studying it line by line prior to these amendments you would never have come across the option for umbrella registration so they realize that it was time to let the wider world know that the option was there in the form itself the other thing that they realized f

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