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PUBLIC LAW 111–203—JULY 21, 2010 124 STAT. 1921

(iii) by adding at the end the following: ‘‘(iii) the Commission, or its designee, in the case of municipal advisors.’’. (B) in subparagraph (B), by inserting ‘‘or municipal entities or obligated person’’ after ‘‘protection of investors’’; and (8) by adding at the end the following: ‘‘(9)(A) Fines collected by the Commission for violations Fines. of the rules of the Board shall be equally divided between the Commission and the Board. ‘‘(B) Fines collected by a registered securities association under section 15A(7) with respect to violations of the rules of the Board shall be accounted for by such registered securities association separately from other fines collected under section 15A(7) and shall be allocated between such registered securities association and the Board, and such allocation shall require the registered securities association to pay to the Board 1⁄3 of all fines collected by the registered securities association reasonably allocable to violations of the rules of the Board, or such other portion of such fines as may be directed by the Commission upon agreement between the registered securi- ties association and the Board.’’. (d) ISSUANCE OF MUNICIPAL SECURITIES.—Section 15B(d)(2) of the Securities Exchange Act of 1934 (15 U.S.C. 78o–4(d)) is amended— (1) by striking ‘‘through a municipal securities broker or municipal securities dealer or otherwise’’ and inserting ‘‘through a municipal securities broker, municipal securities dealer, municipal advisor, or otherwise’’; and (2) by inserting ‘‘or municipal advisors’’ before ‘‘to furnish’’. (e) DEFINITIONS.—Section 15B of the Securities Exchange Act of 1934 (15 U.S.C. 78o–4) is amended by adding at the end the following: ‘‘(e) DEFINITIONS.—For purposes of this section— ‘‘(1) the term ‘Board’ means the Municipal Securities Rule- making Board established under subsection (b)(1); ‘‘(2) the term ‘guaranteed investment contract’ includes any investment that has specified withdrawal or reinvestment provisions and a specifically negotiated or bid interest rate, and also includes any agreement to supply investments on 2 or more future dates, such as a forward supply contract; ‘‘(3) the term ‘investment strategies’ includes plans or pro- grams for the investment of the proceeds of municipal securities that are not municipal derivatives, guaranteed investment con- tracts, and the recommendation of and brokerage of municipal escrow investments; ‘‘(4) the term ‘municipal advisor’— ‘‘(A) means a person (who is not a municipal entity or an employee of a municipal entity) that— ‘‘(i) provides advice to or on behalf of a municipal entity or obligated person with respect to municipal financial products or the issuance of municipal securi- ties, including advice with respect to the structure, LAWS timing, terms, and other similar matters concerning such financial products or issues; or ‘‘(ii) undertakes a solicitation of a municipal entity;PUBLIC with on anorris VerDate Nov 24 2008 03:41 Aug 28, 2010 Jkt 089139 PO 00203 Frm 00547 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203