Alert November 26, 2013

Goodwin Procter Alert: What Banks and Trust Companies Need to Know About the SEC’s New Municipal Advisor Rules

Goodwin Procter has issued a Client Alert that discusses how the SEC’s final Municipal Advisor Rules, effective January 13, 2014, apply to many of the advisory services and products provided by banks and trust companies to municipal entities, such as state and local governments, and to “obligated persons” who have payment obligations in connection with municipal bond offerings.  The Client Alert looks at municipal advisory activities of banks and trust companies that can trigger the requirement to register as a municipal advisor under the final rules, as well as exemptions for some traditional bank services.