Independent Registered Municipal Advisor (IRMA) Exemption
If a municipal entity has already retained an independent registered municipal advisor (IRMA), then a market participant may provide advice to the entity with respect to municipal financial products or the issuance of municipal securities if the following requirements are met:
•The IRMA must be registered with the SEC and must not have been associated with the market participant for at least two years.
•The market participant must receive written notification from the municipal entity that it has retained an IRMA.
•The market participant must disclose in writing to the municipal entity and the municipal advisor that it i