124 STAT. 1916 PUBLIC LAW 111–203—JULY 21, 2010 (1) in paragraph (1)— (A) by inserting ‘‘(A)’’ after ‘‘(1)’’; and (B) by adding at the end the following: ‘‘(B) It shall be unlawful for a municipal advisor to provide advice to or on behalf of a municipal entity or obligated person with respect to municipal financial prod- ucts or the issuance of municipal securities, or to undertake a solicitation of a municipal entity or obligated person, unless the municipal advisor is registered in accordance with this subsection.’’; (2) in paragraph (2), by inserting ‘‘or municipal advisor’’ after ‘‘municipal securities dealer’’ each place that term appears; (3) in paragraph (3), by inserting ‘‘or municipal advisor’’ after ‘‘municipal securities dealer’’ each place that term appears; (4) in paragraph (4), by striking ‘‘dealer, or municipal secu- rities dealer or class of brokers, dealers, or municipal securities dealers’’ and inserting ‘‘dealer, municipal securities dealer, or municipal advisor, or class of brokers, dealers, municipal securi- ties dealers, or municipal advisors’’; and (5) by adding at the end the following: ‘‘(5) No municipal advisor shall make use of the mails or any means or instrumentality of interstate commerce to provide advice to or on behalf of a municipal entity or obligated person with respect to municipal financial products, the issuance of municipal securities, or to undertake a solicitation of a municipal entity or obligated person, in connection with which such municipal advisor engages in any fraudulent, decep- tive, or manipulative act or practice.’’. (b) MUNICIPAL SECURITIES RULEMAKING BOARD.—Section 15B(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78o– 4(b)) is amended— (1) in paragraph (1)— (A) in the first sentence, by striking ‘‘Not later than’’ and all that follows through ‘‘appointed by the Commission’’ and inserting ‘‘The Municipal Securities Rulemaking Board shall be composed of 15 members, or such other number of members as specified by rules of the Board pursuant to paragraph (2)(B),’’; (B) by striking the second sentence and inserting the following: ‘‘The members of the Board shall serve as mem- bers for a term of 3 years or for such other terms as specified by rules of the Board pursuant to paragraph (2)(B), and shall consist of (A) 8 individuals who are inde- pendent of any municipal securities broker, municipal secu- rities dealer, or municipal advisor, at least 1 of whom shall be representative of institutional or retail investors in municipal securities, at least 1 of whom shall be rep- resentative of municipal entities, and at least 1 of whom shall be a member of the public with knowledge of or experience in the municipal industry (which members are hereinafter referred to as ‘public representatives’); and (B) 7 individuals who are associated with a broker, dealer, municipal securities dealer, or municipal advisor, including at least 1 individual who is associated with and representa- tive of brokers, dealers, or municipal securities dealers that are not banks or subsidiaries or departments or divi- sions of banks (which members are hereinafter referred
