The U.S. Securities and Exchange Commission's Office of Municipal Securities has updated its Registration of Municipal Advisors FAQs webpage to clarify municipal advisor registration and recordkeeping requirements. The update focuses on whether activities in the public-private partnership market require municipal advisor registration, which remote work locations used for municipal advisor-related business must be disclosed as an office on Form MA and Form MA-I, and the scope of recordkeeping duties when advising on the pricing of a new issue of municipal securities. The revised FAQs also add a new explanation of how to register as a municipal advisor. That new FAQ directs firms and sole proprietors planning to engage in municipal advisory activities to existing staff and Municipal Securities Rulemaking Board resources that outline the initial registration steps with the SEC and the MSRB.
U.S. Securities & Exchange Commission2026-07-10
U.S. Securities and Exchange Commission updates municipal advisor FAQs to clarify P3 registration remote work office disclosure and pricing recordkeeping
The U.S. Securities and Exchange Commission updated its municipal advisor FAQs to clarify registration, office disclosure and recordkeeping requirements. The guidance addresses P3 market participants, remote work locations that may need to be reported on Form MA and Form MA-I, and record retention when advising on the pricing of new municipal securities issues. It also adds a new FAQ on how to register as a municipal advisor.