On November 12, 2013, the Securities and Exchange Commission published its final municipal advisor registration rule.  Information about this rule is available here.

Investment advisers that provide advice to municipalities should pay particular attention to this rule, especially if a particular investment mandate may involve swaps or security based swaps.  These particular types of derivatives may constitute "muncipal derivatives" and any advice provided by a registered investment adviser to a municipality in respect of these derivatives may subject that adviser to registration as a muncipal advisor.