SEC delays municipal adviser rule compliance date

BY KEN TYSIAC

Compliance with the SEC’s final municipal adviser registration rules will not be required until July 1, 2014, the commission announced Monday.

The SEC extended the date for compliance to give market participants additional time to analyze, implement, and comply with the final rules. The rules had been scheduled to go into effect Monday.

As required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203, the SEC adopted the final rules last year. The rules require municipal advisers to register with the SEC if they provide advice to municipal entities or certain other persons on the issuance of municipal securities or about certain investment strategies or municipal derivatives.

Many CPA services are excluded from the activities that would require registration. CPAs will not be required to register as municipal advisers if they are providing audit or attest services, preparing financial statements, or issuing letters for underwriters.

CPAs and others who provide certain other advice to municipalities—including tax advice on municipal securities offerings—will be required to register with the SEC as municipal advisers, under the new rules.

Ken Tysiac ( ktysiac@aicpa.org ) is a JofA senior editor.

SPONSORED REPORT

8 accounting and auditing issues you can’t afford to ignore

Download this sponsored report for an overview of some of the most important developments accountants and auditors are facing today.

DOWNLOAD

Filing season quick guide — Tax year 2014

Tax season started Jan. 20. Download our “quick guide,” a printable card that contains dollar thresholds, tax tables, standard amounts, credits, and deductions to keep at your fingertips during tax season.

TAX NEWS

Expired tax provisions extended for 2014

President Barack Obama signed legislation that retroactively extended more than 50 expired tax provisions for 2014, allowing taxpayers to take advantage of a host of tax incentives during this filing season.