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17 CFR §240.15Ba1-3 — Ba1-3 Exemption of certain natural persons from registration under section 15B(a)(1)(B) of the Act.

Verified against eCFR.gov as of June 20, 2026View official text on eCFR.gov ↗
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:
  1. (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
  2. (b)Engages in municipal advisory activities solely on behalf of a registered municipal advisor.