The Securities and Exchange Commission’s Office of Municipal Securities announced on July 10, 2026, that it had updated its Registration of Municipal Advisors FAQs webpage. The update is intended to provide more clarity on municipal advisor registration and recordkeeping requirements. The SEC listed the update in Release No. 2026-66 from Washington, D.C. The material was last reviewed or updated on July 16, 2026.
Areas covered by the update
The revised FAQs address public-private partnership, or P3, market participants who are considering whether their activities require registration as a municipal advisor. They also address Form MA and MA-I filers considering which remote work locations where municipal advisor-related business is conducted must be disclosed as an “office.” In addition, the FAQs discuss the scope of recordkeeping requirements for municipal advisors providing advice on the pricing of a new issue of municipal securities.
The update includes a new FAQ on how to register as a municipal advisor. It directs individuals and entities planning to engage in municipal advisory activities, including sole proprietors, to a preexisting staff Informational Bulletin and MSRB Compliance Resource. Those materials describe the steps required to initially register with the SEC and the Municipal Securities Rulemaking Board.
“Municipal securities touch so many parts of our lives, helping pay for schools, hospitals, water systems, and so much more. The SEC is tasked with ensuring transparency and accountability in this market,” said Dave A. Sanchez, Director of the Office of Municipal Securities. Sanchez said the update would help municipal advisors, including those advising state and local governments on the issuance of municipal securities in the P3 market, understand and follow applicable regulations.
Sanchez also said that the final rules for municipal advisor registration had been in place since 2013 and stated, “it is never too late to come into compliance and register.” Questions about municipal advisor regulation may be directed to the Office of Municipal Securities at 202-551-5680 or [email protected].