On September 18th, the SEC unanimously adopted new final rules establishing a permanent registration regime for municipal advisors as required by the Dodd-Frank Act. The new rule requires a municipal advisor to permanently register with the SEC if it provides advice on the issuance of municipal securities or about certain "investment strategies" or municipal derivatives. The final rule exempts employees and appointed officials of municipal entities from registration, and narrows the application of the term "investment strategies" to apply only to the investment of proceeds from the sale of municipal securities rather than to all public funds. Exemptions provided under the rule are based on the activities of the advisor rather than the type of market participant. Additionally, instead of the proposed approach that would have required individuals associated with registered municipal advisory firms to register separately, the final rule requires these firms to furnish information about these individuals. The final rule also allows the SEC to censure these individuals if necessary. The new rule will be effective 60 days after publication in the Federal Register, which is expected shortly. SEC Press Release.