Detailed Summary

Municipal Advisers Regulation Act - Amends the Securities Exchange Act of 1934 to make it unlawful for a person not associated with a municipal financial adviser to make use of the mails or means of interstate commerce to act as a municipal financial adviser unless such person is registered with the Securities and Exchange Commission (SEC) as a municipal financial adviser in accordance with this Act.

Defines "municipal financial adviser" as a person who, for compensation, engages in the business of: (1) providing advice to a municipal securities issuer with respect to issuance of securities, investment of proceeds from such securities, the hedging of risks associated with such securities, or preparation of disclosure documents; (2) assisting a municipal securities issuer in selecting or negotiating guaranteed investment contracts or other investment products; or (3) assisting a municipal securities issuer in the primary offering of securities not involving a public offering.

Provides requirements concerning sanctions (including revocation of registration), fair practices, compliance with standards of operational capability, and the fiduciary duty of such an adviser.

Status of the Legislation

Latest Major Action: 5/21/2009: Referred to House committee. Status: Referred to the House Committee on Financial Services.

Points in Favor

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Points Against

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