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124 STAT. 1920 PUBLIC LAW 111–203—JULY 21, 2010

‘‘(4) The Board may provide guidance and assistance in the enforcement of, and examination for, compliance with the rules of the Board to the Commission, a registered securities association under section 15A, or any other appropriate regu- latory agency, as applicable. ‘‘(5) The Board, the Commission, and a registered securities association under section 15A, or the designees of the Board, the Commission, or such association, shall meet not less fre- quently than 2 times a year— ‘‘(A) to describe the work of the Board, the Commission, and the registered securities association involving the regu- lation of municipal securities; and ‘‘(B) to share information about— ‘‘(i) the interpretation of the Board, the Commis- sion, and the registered securities association of Board rules; and ‘‘(ii) examination and enforcement of compliance with Board rules.’’. (c) DISCIPLINE OF BROKERS, DEALERS, MUNICIPAL SECURITIES DEALERS AND MUNICIPAL ADVISORS; FIDUCIARY DUTY OF MUNICIPAL ADVISORS.—Section 15B(c) of the Securities Exchange Act of 1934 (15 U.S.C. 78o–4(c)) is amended— (1) in paragraph (1), by inserting ‘‘, and no broker, dealer, municipal securities dealer, or municipal advisor shall make use of the mails or any means or instrumentality of interstate commerce to provide advice to or on behalf of a municipal entity or obligated person with respect to municipal financial products, the issuance of municipal securities, or to undertake a solicitation of a municipal entity or obligated person,’’ after ‘‘any municipal security’’; (2) by adding at the end of paragraph (1) the following: ‘‘A municipal advisor and any person associated with such municipal advisor shall be deemed to have a fiduciary duty to any municipal entity for whom such municipal advisor acts as a municipal advisor, and no municipal advisor may engage in any act, practice, or course of business which is not consistent with a municipal advisor’s fiduciary duty or that is in con- travention of any rule of the Board.’’. (3) in paragraph (2), by inserting ‘‘or municipal advisor’’ after ‘‘municipal securities dealer’’ each place that term appears; (4) in paragraph (3)— (A) by inserting ‘‘or municipal entities or obligated person’’ after ‘‘protection of investors’’ each place that term appears; and (B) by inserting ‘‘or municipal advisor’’ after ‘‘municipal securities dealer’’ each place that term appears; (5) in paragraph (4), by inserting ‘‘or municipal advisor’’ after ‘‘municipal securities dealer or obligated person’’ each place that term appears; (6) in paragraph (6)(B), by inserting ‘‘or municipal entities or obligated person’’ after ‘‘protection of investors’’; (7) in paragraph (7)— (A) in subparagraph (A)— (i) in clause (i), by striking ‘‘; and’’ and inserting LAWS a semicolon; (ii) in clause (ii), by striking the period and inserting ‘‘; and’’; andPUBLIC with on anorris VerDate Nov 24 2008 03:41 Aug 28, 2010 Jkt 089139 PO 00203 Frm 00546 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203