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SEC Approves Registration Rules for Municipal Advisors: Exempts Retirement Board Members but Includes Actuaries
Cheiron Link to more items from this source
[Guidance Overview]
Oct. 6, 2013
"[A]ctuarial studies that are used as the basis for a municipal entity to engage in financing are not considered advisory 'if the actuarial study only uses client-provided investment return assumptions and does not make any recommendations about how such municipal entity might address an unfunded liability, including a discussion of the advisability of an issuance of municipal securities or a municipal financial product.' As a result, your actuary will not be able to advise you either to issue or not to issue a pension obligation bond, or even how to analyze the impact of a pension obligation bond, unless they register with the SEC."

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