On September 18, the SEC unanimously adopted permanent registration rules for municipal advisors as required by the Dodd-Frank Act. The new rule requires an advisor to permanently register with the SEC if it provides advice to state and local governments on the issuance of municipal securities, about certain “investment strategies,” or on municipal derivatives. The new rules will supersede current temporary registration rules and will become effective 60 days after they are published in the Federal Register. Press Release.