SEC Rules Covering Project Finance Advice to Municipal Clients Now in Effect
Final federal rules that now require municipal financial consultants to register with the U.S. Securities and Exchange Commission include exemptions for engineering advice such as feasibility studies, project revenue projections and cash-flow modeling, but there may still be gray areas in capital program finance advice, Washington, D.C.-based securities attorney Amy N. Kroll told ENR on July 8.
The rules, part of the Dodd-Frank financial services reform law, took effect July 1 in response to past municipal finance abuses.