The P3 advisory industry is waking up to a new source of regulatory risk, based on remarks from a senior Securities and Exchange Commission (SEC) official in September. The crux of the new risk: according to the SEC, some P3 advisors may be “unregistered entities engaging in municipal advisory activity.”
The remarks were part of a presentation and panel at the Bond Buyer infrastructure conference in Philadelphia on 17 September. They were made by Dave Sanchez, Director of the SEC’s Office of Municipal Securities. The SEC published a copy of the remarks, available here.
