{"data":{"id":"us/17-cfr-240.15ba1-3","jurisdiction":"us","citation":"17 CFR 240.15Ba1-3","heading":"Ba1-3 Exemption of certain natural persons from registration under section 15B(a)(1)(B) of the Act.","body":"A natural person municipal advisor shall be exempt from section 15B(a)(1)(B) of the Act (15 U.S.C. 78o-4(a)(1)(B)) if he or she:\n(a) Is an associated person of an advisor that is registered with the Commission pursuant to section 15B(a)(2) of the Act (15 U.S.C. 78o-4(a)(2)) and the rules and regulations thereunder; and\n(b) Engages in municipal advisory activities solely on behalf of a registered municipal advisor.","path":["Title 17—Commodity and Securities Exchanges","CHAPTER II—SECURITIES AND EXCHANGE COMMISSION","PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-17.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:31Z","sha256":"65061e2b0e868407f15da19f1fc7d03361154f701c902f0789f644451027602e","source_id":"us-cfr","stale":true,"prev":"us/17-cfr-240.15ba1-2","next":"us/17-cfr-240.15ba1-4"},"notice":"GroundRules: Original legal text. Not legal advice."}