In July 2010, Congress passed the Dodd-Frank Act, which requires the Securities and Exchange Commission (the "SEC") to adopt a rule requiring municipal advisors to register with the SEC.  A temporary rule was adopted pending the SEC's establishment of the registration process and defining who is a "municipal advisor."  On September 18, 2013, the SEC adopted the final rule which will become effective on July 1, 2014.

On May 1, 2014, Joy A. Howard hosted a session on the new Municipal Advisor Rule and how it might affect local governments at the Government Finance Officers Association of Missouri's Spring Conference.  The following are links to further information regarding the Municipal Advisor Rule.