RegAlert2000-09-19
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SEC Staff Legal Bulletin: SLB 11
The Division of Investment Management clarifies that financial advisors to municipal securities issuers are not investment advisers under the Advisers Act if they limit activities to advising on financing structuring or provide occasional, uncompensated advice on investing temporarily idle proceeds. Financial advisors become subject to the Advisers Act if they hold themselves out as investment advisers, receive separate or transaction-based compensation for investment advice, or provide specific investment advice other than on rare, isolated, and non-periodic instances. Additionally, advisors may recommend specific money market funds without being deemed investment advisers if the advice is incidental to their primary services, involves no separate compensation, does not involve holding out as an adviser, and excludes discretionary authority over the invested assets.
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Investment Management: Staff Legal Bulletin 11 (Advisers Act for MuniSec Advisors)
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Applicability of the Advisers Act to Financial Advisors of Municipal Securities Issuers
Action: Publication of Division of Investment Management Staff Legal Bulletin
Date: September 19, 2000
Summary: This staff legal bulletin states the views of the Division of Investment Management (the "Division") on the applicability of the Investment Advisers Act of 1940 (the "Advisers Act") to financial advisors of issuers of municipal securities. The bulletin clarifies the circumstances under which financial advisors (a) may be investment advisers, and (b) may give advice to issuers of municipal securities regarding the investment of offering proceeds without being deemed to be investment advisers.
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Source: Securities and Exchange Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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