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municipal securities dealer, or municipal advisor for or in connection with municipal financial products, the issuance of municipal securities, or of an investment adviser to provide investment advisory services to or on behalf of a municipal entity; and ‘‘(10) the term ‘obligated person’ means any person, including an issuer of municipal securities, who is either gen- erally or through an enterprise, fund, or account of such person, committed by contract or other arrangement to support the payment of all or part of the obligations on the municipal securities to be sold in an offering of municipal securities.’’. (f) REGISTERED SECURITIES ASSOCIATION.—Section 15A(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78o–3(b)) is amended by adding at the end the following: ‘‘(15) The rules of the association provide that the associa- tion shall— ‘‘(A) request guidance from the Municipal Securities Rulemaking Board in interpretation of the rules of the Municipal Securities Rulemaking Board; and ‘‘(B) provide information to the Municipal Securities Rulemaking Board about the enforcement actions and examinations of the association under section 15B(b)(2)(E), so that the Municipal Securities Rulemaking Board may— ‘‘(i) assist in such enforcement actions and examinations; and ‘‘(ii) evaluate the ongoing effectiveness of the rules of the Board.’’. (g) REGISTRATION AND REGULATION OF BROKERS AND DEALERS.—Section 15 of the Securities Exchange Act of 1934 is 15 USC 78o. amended— (1) in subsection (b)(4), by inserting ‘‘municipal advisor,’’ after ‘‘municipal securities dealer’’ each place that term appears; and (2) in subsection (c), by inserting ‘‘broker, dealer, or’’ before ‘‘municipal securities dealer’’ each place that term appears. (h) ACCOUNTS AND RECORDS, REPORTS, EXAMINATIONS OF EXCHANGES, MEMBERS, AND OTHERS.—Section 17(a)(1) of the Securi- ties Exchange Act of 1934 is amended by inserting ‘‘municipal 15 USC 78q. advisor,’’ after ‘‘municipal securities dealer’’. (i) EFFECTIVE DATE.—This section, and the amendments made 15 USC 78o note. by this section, shall take effect on October 1, 2010.

SEC. 976. GOVERNMENT ACCOUNTABILITY OFFICE STUDY OF INCREASED DISCLOSURE TO INVESTORS. (a) STUDY.—The Comptroller General of the United States shall conduct a study and review of the disclosure required to be made by issuers of municipal securities. (b) SUBJECTS FOR EVALUATION.—In conducting the study under subsection (a), the Comptroller General of the United States shall— (1) broadly describe— (A) the size of the municipal securities markets and the issuers and investors; and (B) the disclosures provided by issuers to investors; (2) compare the amount, frequency, and quality of disclo-

LAWS sures that issuers of municipal securities are required by law to provide for the benefit of municipal securities holders, including the amount of and frequency of disclosures actuallyPUBLIC with on anorris VerDate Nov 24 2008 03:41 Aug 28, 2010 Jkt 089139 PO 00203 Frm 00549 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203