Page:United States Statutes at Large Volume 124.djvu/1943

124 STAT. 1917 PUBLIC LAW 111–203—JULY 21, 2010 to as ‘broker-dealer representatives’), at least 1 individual who is associated with and representative of municipal securities dealers which are banks or subsidiaries or departments or divisions of banks (which members are hereinafter referred to as ‘bank representatives’), and at least 1 individual who is associated with a municipal advisor (which members are hereinafter referred to as ‘advisor representatives’ and, together with the broker- dealer representatives and the bank representatives, are referred to as ‘regulated representatives’). Each member of the board shall be knowledgeable of matters related to the municipal securities markets.’’; and (C) in the third sentence, by striking ‘‘initial’’; (2) in paragraph (2)— (A) in the matter preceding subparagraph (A)— (i) by inserting before the period at the end of the first sentence the following: ‘‘and advice provided to or on behalf of municipal entities or obligated per- sons by brokers, dealers, municipal securities dealers, and municipal advisors with respect to municipal financial products, the issuance of municipal securities, and solicitations of municipal entities or obligated per- sons undertaken by brokers, dealers, municipal securi- ties dealers, and municipal advisors’’; and (ii) by striking the second sentence; (B) in subparagraph (A)— (i) in the matter preceding clause (i)— (I) by inserting ‘‘, and no broker, dealer, munic- ipal securities dealer, or municipal advisor shall provide advice to or on behalf of a municipal entity or obligated person with respect to municipal financial products or the issuance of municipal securities,’’ after ‘‘sale of, any municipal security’’; and (II) by inserting ‘‘and municipal entities or obligated persons’’ after ‘‘protection of investors’’; (ii) in clause (i), by striking ‘‘municipal securities brokers and municipal securities dealers’’ each place that term appears and inserting ‘‘municipal securities brokers, municipal securities dealers, and municipal advisors’’; (iii) in clause (ii), by adding ‘‘and’’ at the end; (iv) in clause (iii), by striking ‘‘; and’’ and inserting a period; and (v) by striking clause (iv); (C) by amending subparagraph (B) to read as follows: ‘‘(B) establish fair procedures for the nomination and elec- tion of members of the Board and assure fair representation in such nominations and elections of public representatives, broker dealer representatives, bank representatives, and advisor representatives. Such rules— ‘‘(i) shall provide that the number of public representa- tives of the Board shall at all times exceed the total number of regulated representatives and that the membership shall at all times be as evenly divided in number as possible between public representatives and regulated representa- tives; Procedures.