Series 54: 3.2.5.9. Regulatory Exemptions

3.2.5.9.  Regulatory Exemptions

Dealers and municipal advisors that would otherwise be prohibited from engaging in municipal business under the rule can apply to a registered securities association or the SEC for an exemption from the ban on business. The securities association or the SEC is then allowed to determine whether to exempt the dealer or advisor from the ban on business. In making this determination, the following factors are typically considered:

• Whether the possible exemption will be consistent with the public interest and the protection of investor