SEC Form MA, or the Municipal Advisor Form, must be filed with the Securities and Exchange Commission (SEC) by municipal advisors. A municipal advisor is “a person (who is not a municipal entity or an employee of a municipal entity) providing advice to or on behalf of a municipal entity or obligated person with respect to municipal financial products or the issuance of municipal securities, or that undertakes a solicitation of a municipal entity or obligated person.”
The requirement for filing SEC Form MA, as mandated by Section 975 of the Dodd-Frank Act—and which amended Section 15B of the Securities Exchange Act of 1934, went into effect on July 1, 2014. According to Section 15B, it’s against the law for any municipal advisor to provide counsel—and receive fees—on when to issue securities and how to invest the profits from their sales without disclosing this activity via SEC Form MA, unless an exemption applies.
SEC Form MA must be filed with the SEC in XML (eXtensible Markup Language) format via the EDGAR (Electronic Data Gathering, Analysis and Retrieval) system.
Every municipal advisory firm must renew Form MA each year by filing an annual update within 90 days after the end of its fiscal year (calendar year for sole proprietors).
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