These two sets of related comments have been submitted to the SEC and the CFTC. In the SEC comments BDA points out the problems associated with the SEC’s definition of municipal advisor, including that it does not clearly delineate the activities that broker-dealers can engage in without being classified as municipal advisors. The BDA also criticized the SEC’s proposed classification of appointed members of municipal boards as municipal advisors. The comments filed with the CFTC urge the CFTC to provide an exception to the definition of “swap advisor” so that firms that are classified as municipal advisors by the SEC do not also have to register as swap advisors when they are advising municipal entities. The BDA’s comments on municipal advisor are available here and the comments on the regulation of swap advisors are available here.
