Page:United States Statutes at Large Volume 124.djvu/1948

 124 STAT. 1922 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(B) includes financial advisors, guaranteed investment contract brokers, third-party marketers, placement agents, solicitors, finders, and swap advisors, if such persons are described in any of clauses (i) through (iii) of subparagraph (A); and ‘‘(C) does not include a broker, dealer, or municipal securities dealer serving as an underwriter (as defined in section 2(a)(11) of the Securities Act of 1933) (15 U.S.C. 77b(a)(11)), any investment adviser registered under the Investment Advisers Act of 1940, or persons associated with such investment advisers who are providing invest- ment advice, any commodity trading advisor registered under the Commodity Exchange Act or persons associated with a commodity trading advisor who are providing advice related to swaps, attorneys offering legal advice or pro- viding services that are of a traditional legal nature, or engineers providing engineering advice; ‘‘(5) the term ‘municipal financial product’ means municipal derivatives, guaranteed investment contracts, and investment strategies; ‘‘(6) the term ‘rules of the Board’ means the rules proposed and adopted by the Board under subsection (b)(2); ‘‘(7) the term ‘person associated with a municipal advisor’ or ‘associated person of an advisor’ means— ‘‘(A) any partner, officer, director, or branch manager of such municipal advisor (or any person occupying a similar status or performing similar functions); ‘‘(B) any other employee of such municipal advisor who is engaged in the management, direction, supervision, or performance of any activities relating to the provision of advice to or on behalf of a municipal entity or obligated person with respect to municipal financial products or the issuance of municipal securities; and ‘‘(C) any person directly or indirectly controlling, con- trolled by, or under common control with such municipal advisor; ‘‘(8) the term ‘municipal entity’ means any State, political subdivision of a State, or municipal corporate instrumentality of a State, including— ‘‘(A) any agency, authority, or instrumentality of the State, political subdivision, or municipal corporate instrumentality; ‘‘(B) any plan, program, or pool of assets sponsored or established by the State, political subdivision, or munic- ipal corporate instrumentality or any agency, authority, or instrumentality thereof; and ‘‘(C) any other issuer of municipal securities; ‘‘(9) the term ‘solicitation of a municipal entity or obligated person’ means a direct or indirect communication with a munic- ipal entity or obligated person made by a person, for direct or indirect compensation, on behalf of a broker, dealer, munic- ipal securities dealer, municipal advisor, or investment adviser (as defined in section 202 of the Investment Advisers Act of 1940) that does not control, is not controlled by, or is not under common control with the person undertaking such solici- tation for the purpose of obtaining or retaining an engagement by a municipal entity or obligated person of a broker, dealer,