Registration of Municipal Advisors; Temporary Stay of Final Rule

The Securities and Exchange Commission ("Commission') is staying temporarily Rules 15Ba1-1 through 15Ba1-8 and Rule 15Bc4-1 ("Rules') under the Securities Exchange Act of 1934 and Forms MA, MA- I, MA-W, and MA-NR ("Forms') until July 1, 2014 and making conforming, non-substantive amendments to Rule 15Ba1-8 regarding recordkeeping requirements to conform the dates referenced in certain provisions of that rule to the July 1, 2014 date (the "Amendment'). The effective date for the Rules and Forms was January 13, 2014. This stay of the Rules and Forms means that persons are not required to comply with the Rules and Forms until July 1, 2014. The Amendment is the only action the Commission is taking in this release with respect to the Rules and Forms. Therefore, the phased-in compliance period that begins on July 1, 2014, for the requirement to use the Forms to register as municipal advisors under the Rules remains unchanged.