{"id":5478,"date":"2013-05-29T00:00:00","date_gmt":"2013-05-29T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/05\/senate_measure_seeks_to_exempt"},"modified":"2022-05-04T14:21:29","modified_gmt":"2022-05-04T19:21:29","slug":"senate-measure-seeks-to-exempt","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/senate-measure-seeks-to-exempt\/","title":{"rendered":"Senate Measure Seeks to Exempt Banks for Having to Register with the SEC As Municipal Advisors &#038; House Bill Looks to Enhance Public Pension Plans\u2019 Disclosures"},"content":{"rendered":"<p>Many banks are reportedly greeting bipartisan Senate bill S. 710 with satisfaction, as it would exempt them from provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act related to regulating municipal advisers. The bill was introduced by US Senators Patrick Toomey (R-Pa) and Mark Warner (D-VA) last month.<\/p>\n<p>The Dodd-Frank Act established municipal advisers as a new class of regulated individuals that advise local and state governments about financial matters, such as the use of derivatives and bond issuances. Per the law\u2019s Section 975, municipal advisers must register with the Securities and Exchange Commission and the Municipal Securities Rulemaking Board. Critics, however, have called the SEC\u2019s proposed definition of what constitutes a municipal adviser as too broad.<\/p>\n<p>The senators\u2019 legislation makes it clear that banks and those that work for them are not municipal advisers unless they actually take part in municipal adviser activities. It is similar to HR 797, which was proposed by US Representatives Gwen Moore (D-Wis.) and Steve Stivers (R-Ohio) earlier this year.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/senate-measure-seeks-to-exempt\/\"  title=\"Continue Reading Senate Measure Seeks to Exempt Banks for Having to Register with the SEC As Municipal Advisors &#038; House Bill Looks to Enhance Public Pension Plans\u2019 Disclosures\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Many banks are reportedly greeting bipartisan Senate bill S. 710 with satisfaction, as it would exempt them from provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act related to regulating municipal advisers. The bill was introduced by US Senators Patrick Toomey (R-Pa) and Mark Warner (D-VA) last month. The Dodd-Frank Act established municipal [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3960,3984],"tags":[],"class_list":["post-5478","post","type-post","status-publish","format-standard","hentry","category-doddfrank-wall-street-reform-a","category-municipal-advisors"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Senate Measure Seeks to Exempt Banks for Having to Register with the SEC As Municipal Advisors &amp; House Bill Looks to Enhance Public Pension Plans\u2019 Disclosures &#8212; Investor Lawyers Blog &#8212; May 29, 2013<\/title>\n<meta name=\"description\" content=\"Many banks are reportedly greeting bipartisan Senate bill S. 710 with satisfaction, as it would exempt them from provisions of the Dodd-Frank Wall Street &#8212; May 29, 2013\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/senate-measure-seeks-to-exempt\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Senate Measure Seeks to Exempt Banks for Having to Register with the SEC As Municipal Advisors &amp; House Bill Looks to Enhance Public Pension Plans\u2019 Disclosures &#8212; Investor Lawyers Blog &#8212; May 29, 2013\" \/>\n<meta name=\"twitter:description\" content=\"Many banks are reportedly greeting bipartisan Senate bill S. 710 with satisfaction, as it would exempt them from provisions of the Dodd-Frank Wall Street &#8212; May 29, 2013\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Senate Measure Seeks to Exempt Banks for Having to Register with the SEC As Municipal Advisors & House Bill Looks to Enhance Public Pension Plans\u2019 Disclosures &#8212; 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