Municipal Advisers Regulation Act - Amends the Securities Exchange Act of 1934 to make it unlawful for a person not associated with a municipal financial adviser to make use of the mails or means of interstate commerce to act as a municipal financial adviser unless such person is registered with the Securities and Exchange Commission (SEC) as a municipal financial adviser in accordance with this Act.
Defines "municipal financial adviser" as a person who, for compensation, engages in the business of: (1) providing advice to a municipal securities issuer with respect to issuance of securities, investment of proceeds from such securities, the hedging of risks associated with such securities, or preparation of disclosure documents; (2) assisting a municipal securities issuer in selecting or negotiating guaranteed investment contracts or other investment products; or (3) assisting a municipal securities issuer in the primary offering of securities not involving a public offering.
Provides requirements concerning sanctions (including revocation of registration), fair practices, compliance with standards of operational capability, and the fiduciary duty of such an adviser.