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SEC issues first rule and other actions from the Dodd–Frank box

Sep 08 2010 Nick Paraskeva, for Compliance Complete recommended

Municipal securities are one of many areas impacted by the Dodd-Frank Wall Street Reform and Consumer Protection Act, and the first where new SEC rules have been issued. On September 2, the SEC issued a temporary rule requiring municipal advisors to register with them by October 1. This article will look at the wider activities that the SEC have taken related to the reform act and, using the muni rule as an early example, will assess the new process of rulemaking under the act. While the muni rule is the first adopted by the SEC to implement the reform act, as shown in the box below, the agency has been busy in other areas where it has been given a mandate. For example, the act requires certain studies to be undertaken, and the SEC began the comment process for a study on new fiduciary standards for dealers and advisers, on which 2,500 responses were received. In other areas, the SEC is holding roundtables as a way of getting input on new topics. Thus, in late August, the SEC and

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