Securities and Exchange Commission June 19, 2020 – Federal Register Recent Federal Regulation Documents

The Securities and Exchange Commission (``Commission'') is granting a temporary conditional exemption from broker registration under Section 15 of the Securities Exchange Act of 1934 (``Exchange Act'') for registered municipal advisors to address disruption in the municipal securities markets as a result of the coronavirus disease 2019 (``COVID-19'') pandemic. The temporary conditional exemption permits registered municipal advisors to solicit banks, their wholly- owned subsidiaries that are engaged in commercial lending and financing activities, and credit unions in connection with direct placements of securities issued by their municipal issuer clients, subject to the requirements set forth below.