The Dodd-Frank financial reform act should not extend requirements for municipal advisor registration to people who work with governmental retirement and savings plans, the American Society of Pension Professionals & Actuaries (ASPPA) told the Securities and Exchange Commission on Thursday.
ASPPA’s comments came in response to the SECs request for comments on the proposed registration, Release No. 34-63576 for Registration of Municipal Advisors. Joining with the ASPPA in its response was the National Tax Sheltered Accounts Association (NTSAA).
The two groups are concerned about how the application of proposed new rules 15Ba1-1 through 15Ba1-7 under the Securities Exchange Act of 1934 will impact retirement plan professionals who work with governmental sponsored retirement plans.
“We believe that the Dodd-Frank Wall Street Reform and Consumer Protection Actwas not intended to extend the municipal advisor registration requirements to those who work with governmental retirement and savings plans,” wrote ASPPA General Counsel and Regulatory Affairs Director Craig Hoffman in a statement.