View all text of Subjgrp 104 [§ 240.15Aa-1 - § 240.15Bc7-1]
§ 240.15Ba1-3 - Exemption of certain natural persons from registration under section 15B(a)(1)(B) of the Act.
A natural person municipal advisor shall be exempt from section 15B(a)(1)(B) of the Act (15 U.S.C. 78o-4(a)(1)(B)) if he or she:
(a) Is an associated person of an advisor that is registered with the Commission pursuant to section 15B(a)(2) of the Act (15 U.S.C. 78o-4(a)(2)) and the rules and regulations thereunder; and
(b) Engages in municipal advisory activities solely on behalf of a registered municipal advisor.