A Practice Note discussing the requirement under the Exchange Act that any person providing advice to or on behalf of a municipal entity about municipal financial products or the issuance of municipal securities, or who solicits a municipal entity, register as a municipal advisor with the Securities and Exchange Commission (SEC). This Practice Note also discusses the registration processes of the SEC and the Municipal Securities Rulemaking Board (MSRB), and the MSRB supervision and compliance requirements for municipal advisors.