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124 STAT. 1918 PUBLIC LAW 111–203—JULY 21, 2010

‘‘(ii) shall specify the length or lengths of terms mem- bers shall serve; ‘‘(iii) may increase the number of members which shall constitute the whole Board, provided that such number is an odd number; and Requirements. ‘‘(iv) shall establish requirements regarding the independence of public representatives.’’. (D) in subparagraph (C)— (i) by inserting ‘‘and municipal financial products’’ after ‘‘municipal securities’’ the first two times that term appears; (ii) by inserting ‘‘, municipal entities, obligated persons,’’ before ‘‘and the public interest’’; (iii) by striking ‘‘between’’ and inserting ‘‘among’’; (iv) by striking ‘‘issuers, municipal securities bro- kers, or municipal securities dealers, to fix’’ and inserting ‘‘municipal entities, obligated persons, munic- ipal securities brokers, municipal securities dealers, or municipal advisors, to fix’’; and (v) by striking ‘‘brokers or municipal securities dealers, to regulate’’ and inserting ‘‘brokers, municipal securities dealers, or municipal advisors, to regulate’’; (E) in subparagraph (D)— (i) by inserting ‘‘and advice concerning municipal financial products’’ after ‘‘transactions in municipal securities’’; (ii) by striking ‘‘That no’’ and inserting ‘‘that no’’; (iii) by inserting ‘‘municipal advisor,’’ before ‘‘or person associated’’; and (iv) by striking ‘‘a municipal securities broker or municipal securities dealer may be compelled’’ and inserting ‘‘a municipal securities broker, municipal securities dealer, or municipal advisor may be com- pelled’’; (F) in subparagraph (E)— (i) by striking ‘‘municipal securities brokers and municipal securities dealers’’ and inserting ‘‘municipal securities brokers, municipal securities dealers, and municipal advisors’’; and (ii) by striking ‘‘municipal securities broker or municipal securities dealer’’ and inserting ‘‘municipal securities broker, municipal securities dealer, or munic- ipal advisor’’; (G) in subparagraph (G), by striking ‘‘municipal securi- ties brokers and municipal securities dealers’’ and inserting ‘‘municipal securities brokers, municipal securities dealers, and municipal advisors’’; (H) in subparagraph (J)— (i) by striking ‘‘municipal securities broker and each municipal securities dealer’’ and inserting ‘‘munic- ipal securities broker, municipal securities dealer, and municipal advisor’’; and (ii) by striking the period at the end of the second sentence and inserting ‘‘, which may include charges LAWS for failure to submit to the Board, or to any information system operated by the Board, within the prescribed timeframes, any items of information or documentsPUBLIC with on anorris VerDate Nov 24 2008 03:41 Aug 28, 2010 Jkt 089139 PO 00203 Frm 00544 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203