Rules 15Ba1-1 to 15Ba1-8 - Registration of Municipal Advisors and Forms MA, MA-I, MA-W, and MA-NR
Extension without change of a currently approved collection
No
Regular
10/22/2026
table that charts list comparision
Requested
Previously Approved
36 Months From Approved
10/31/2026
3,124
2,740
84,409
80,964
22,889,835
12,432
In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (âDodd-Frank Actâ) amended Section 15B of the Securities Exchange Act of 1934 (âExchange Actâ) (15 U.S.C. 78o-4) to require a new class of regulated persons, âmunicipal advisors,â to register with the Commission. Section 15B(a)(1)(B) of the Exchange Act (15 U.S.C. 78o-4(a)(1)(B)), as added by the Dodd-Frank Act, makes it unlawful for a municipal advisor to provide advice to or on behalf of a municipal entity or obligated person with respect to municipal financial products or the issuance of municipal securities, or to undertake certain solicitations of a municipal entity or obligated person, unless the municipal advisor is registered with the Commission. On September 20, 2013, the Commission adopted Rules 15Ba1-1 through 15Ba1-8 (17 CFR 240.15Ba1-1 through 17 CFR 240.15Ba1-8) and Rule 15Bc4-1 (17 CFR 240.15Bc4-1) under the Exchange Act to establish the rules by which a municipal advisor must obtain, maintain, and terminate its registration with the Commission. The rules, among other things: (i) require municipal advisors to file Forms MA, MA-I, MA-W, and MA-NR with the Commission to obtain, maintain, or terminate their registration with the Commission, (ii) require municipal advisors to maintain certain books and records in accordance with the Exchange Act, (iii) interpret the definition of the term âmunicipal advisor,â (iv) interpret the statutory exclusions from that definition, and (v) provide certain additional regulatory exemptions. The rules became effective on January 13, 2014; however, on January 13, 2014, the Commission temporarily stayed such rules until July 1, 2014. Amendments to Form MA and Form MA-I designed to eliminate aspects of the forms that request filers to provide certain forms of personally identifiable information of natural persons, including Social Security numbers, dates of birth, and foreign identity numbers became effective on May 14, 2018. Among other purposes and uses, the rules and forms: (i) expand the amount of publicly available information about municipal advisors and their associated persons, including conflicts of interest and disciplinary history, (ii) allow municipal entities, obligated persons, regulators, and others to become more fully informed about municipal advisors in a more efficient manner, (iii) enable the Commission to obtain an accurate estimate of the number of municipal advisors, by size and by municipal advisory activity, and analyze data regarding the various types of municipal advisory activities, (iv) focus examinations and aid in risk-based examinations, and (v) help to ensure that records of the respondentâs primary municipal advisory activities, as well as the activities of its associated persons, exist.
US Code:
15 USC 78o-4
Name of Law: Securities Exchange Act of 1934
Adjustments in estimates are based on recent three year averages of collection activities. In addition, cost equivalent estimates were added to each information collection to reflect internal costs of compliance; cost equivalent estimates and additional cost burdens were calculated using the Commissionâs Updated Methodology for Calculating Occupational Hourly Rates, https://www.sec.gov/files/method-occupational-hourly-rates.pdf, published December 19, 2025; the cost burdens to complete Form MA-NR now reflect the estimated cost equivalent rather than the estimated additional cost burdens; and a new information collection estimating the additional cost burdens to complete Form MA-NR was added. See Section 15 of the Supporting Statement for further detail.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Form SEC2899 Form MA-I, Part I, Item 7
3235-0681_30-Day Submission Notice.pdf.pdf
Form MA-NR - Additional Cost Burdens