Ba1-3 Exemption of certain natural persons from registration under section 15B(a)(1)(B) of the Act.
17 C.F.R. § 240.15Ba1-3
in effectEffective: 2024-07-01A 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.
Source: eCFRURL: https://www.ecfr.gov/api/versioner/v1/full/2024-07-01/title-17.xmlFetched: 7/26/2026