Cases & Deals

SIFMA requests review of SEC's order granting temporary conditional exemption from broker registration requirements of Section 15(a) of Securities Exchange Act of 1934 for certain activities of registered municipal advisors

Clients SIFMA (Securities Industry and Financial Markets Association)

Jones Day is representing the Securities Industry and Financial Markets Association (SIFMA) in its petition for review of the Securities and Exchange Commission's Order Granting Temporary Conditional Exemption from the Broker Registration Requirements of Section 15(a) of the Securities Exchange Act of 1934 for Certain Activities of Registered Municipal Advisors (TCE). The TCE allows registered municipal advisors, on behalf of their municipal issuer clients, to solicit certain investors in the direct placement of municipal securities and receive transaction-based compensation. The SEC issued the TCE on June 16, 2020, citing the impact of the COVID-19 pandemic on small municipal issuers as the reason for the action. SIFMA seeks the DC Circuit's review of the order given the potential harm to issuers, investors and the municipal market overall as a result of allowing municipal advisors to act without the regulatory obligations that govern broker-dealers engaging in the same activity.

Securities Industry and Financial Markets Association v United States Securities and Exchange Commission, 20-1306

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