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

Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.

QUIZ

News quiz: IRS warning on cyberattacks and a change in pension rules

Once again, the IRS sounds the alarm about a threat from cyberthieves. See how much you know about this and other recent news with this short quiz.

CHECKLIST

Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.