15 USC 78o-4a – Commission Office of Municipal Securities
(a) In general
There shall be in the Commission an Office of Municipal Securities, which shall—
(1) administer the rules of the Commission with respect to the practices of municipal securities brokers and dealers, municipal securities advisors, municipal securities investors, and municipal securities issuers; and
(2) coordinate with the Municipal Securities Rulemaking Board for rulemaking and enforcement actions as required by law.
(b) Director of the Office
Terms Used In 15 USC 78o-4a
- Board: means the Board of Governors of the Federal Reserve System. See 15 USC 78c
- Commission: means the Securities and Exchange Commission established by section 78d of this title. See 15 USC 78c
- director: means any director of a corporation or any person performing similar functions with respect to any organization, whether incorporated or unincorporated. See 15 USC 78c
- municipal securities: means securities which are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in section 103(c)(2) 1 of title 26) the interest on which is excludable from gross income under section 103(a)(1) 1 of title 26 if, by reason of the application of paragraph (4) or (6) of section 103(c) 1 of title 26 (determined as if paragraphs (4)(A), (5), and (7) were not included in such section 103(c)),1 paragraph (1) of such section 103(c) 1 does not apply to such security. See 15 USC 78c
The head of the Office of Municipal Securities shall be the Director, who shall report to the Chairman.
(c) Staffing
(1) In general
The Office of Municipal Securities shall be staffed sufficiently to carry out the requirements of this section.
(2) Requirement
The staff of the Office of Municipal Securities shall include individuals with knowledge of and expertise in municipal finance.