SEC Extends Municipal Advisor Registration Paperwork
Published Date: 7/2/2026
Notice
Summary
The SEC is asking for comments to keep the rules and forms that municipal advisors use to register with the agency. This affects anyone giving financial advice to cities or towns about bonds and money matters. The goal is to extend the current paperwork requirements without adding new costs or deadlines, keeping everything running smoothly.
Analyzed Economic Effects
7 provisions identified: 0 benefits, 7 costs, 0 mixed.
Must Register To Advise Municipalities
If you give advice to municipal entities about municipal financial products or municipal securities, Section 15B(a)(1)(B) of the Exchange Act makes it unlawful to do so unless you are registered with the SEC under Rules 15Ba1-1 to 15Ba1-8. The rules require municipal advisory firms (including sole proprietors) to file Forms MA and MA-I to obtain and maintain registration.
Initial Form MA Filing Burden
If you are a municipal advisory firm registering with the SEC, the Commission estimates about 15 new Form MA applications per year (45 over three years). The average time to complete Form MA is about 3.5 hours, and the Commission estimates a total of 2,552 hours ($691,592) over three years for completion and amendment work related to Form MA.
Form MA-I: Associated Person Filings
If you are a municipal advisory firm, you must file Form MA-I for each natural person associated with the firm who engages in municipal advisory activities. The SEC estimates about 370 new Form MA-I submissions per year and total estimated burden of 20,541 hours ($5.6 million) over three years for initial filings and amendments.
Non‑Resident Filings and Counsel Opinion
Non-resident municipal advisors must file Form MA-NR and provide an opinion of counsel that the advisor can submit to inspection and provide access to books and records. The SEC estimates about 7 Form MA-NR submissions per year (approximately 4 non-resident advisors), total 64 hours and $17,344 cost equivalent over three years, and an estimated outside counsel cost of $1,584 per respondent (about $19,008 total over three years).
Five‑Year Books And Records Rule
All registered municipal advisors must maintain true, accurate, and current books and records relating to their municipal advisory activities for not less than five years under Rule 15Ba1-8. These records may be requested during SEC examinations and must include written communications and records of associated persons.
Form MA-W Withdrawal Notice
If a municipal advisor withdraws registration, it must file Form MA-W. The SEC estimates about 21 Form MA-W submissions per year and that each withdrawal takes about 0.5 hours. Over three years that equals 31.5 hours and an estimated $8,537 cost equivalent.
Consent To Service Of Process Requirement
Each municipal advisory firm must obtain and retain written consents to service of process from associated natural persons for at least five years. The SEC estimates a total of 156 hours ($42,276) over three years to draft templates and collect consents, or about 0.39 hours ($106) per respondent over the period.
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