SEC proposes rules to require registration of "municipal advisors"; municipal advisors defined broadly to potentially include appointed board members of municipal entities and conduit borrowers, employees of conduit borrowers, banks, underwriters, lawyers, and others

On 20 December 2010, the Securities and Exchange Commission (SEC or Commission) voted to propose Rules 15Ba1-1 through 15Ba1-7 (collectively, the Proposed Rules) to, among other things, establish a permanent registration regime with the Commission for municipal advisors and impose certain record-keeping requirements on such advisors.

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