U.S. Code of Federal Regulations
Regulations most recently checked for updates: Feb 11, 2026
Searching within:
All TitlesTitle 17Chapter IIPart 240 - PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934
Exit search mode at current location
Exit search mode at current location
A natural person municipal advisor shall be exempt from section 15B(a)(1)(B) of the Act (15 U.S.C. 78o-4(a)(1)(B)) if he or she:
(a) Is an associated person of an advisor that is registered with the Commission pursuant to section 15B(a)(2) of the Act (15 U.S.C. 78o-4(a)(2)) and the rules and regulations thereunder; and
(b) Engages in municipal advisory activities solely on behalf of a registered municipal advisor.
