BLX

FORM ADV
BLX
BLX

Do You Have An Independent Registered Municipal Advisor (IRMA) To Help You With Your Debt Issuance?

If not, BLX can help.

The Municipal Advisor Rule (the "Municipal Advisor Rule") was implemented by the SEC under the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Act"). The Municipal Advisor Rule makes it advantageous for issuers and borrowers, under certain circumstances, to engage a financial advisor who is registered with the SEC and the MSRB as a Municipal Advisor and may therefore act as the issuer’s or borrower’s "Independent Registered Municipal Advisor" or "IRMA."

BLX Group LLC, "BLX", is an MSRB municipal advisor founded in 1989 as part of Orrick, Herrington & Sutcliffe LLP. BLX specializes in serving public finance related entities through consulting, financial advisory and investment advisory and management services. BLX is also registered with the SEC as an investment adviser. The firm serves the unique needs of public sector and not-for-profit (e.g. health care, higher education, and cultural) entities.

Today BLX consists of approximately 50 full-time professionals in seven offices located in Boston, Dallas, Denver, Los Angeles, New York, Phoenix and Tampa. BLX provides a targeted range of pre and post debt issuance services designed to enhance the economics of and ensure the tax compliance of municipal offerings from original conception to final redemption or maturity.

 

Independent Registered Municipal Advisor (IRMA) Services from BLX

BLX can help an issuer or borrower continue to receive information and advice from underwriters and other market participants by allowing these parties to provide advice pursuant to the IRMA exemption as described in the Municipal Advisor Rule. At the same time, as an experienced advisor, BLX offers the independent advice and analysis that is so vital to the debt issuance process. Here are the services we offer:

  1. BLX will provide any market participant who might assist the client with written confirmation that BLX is an independent registered municipal advisor representing the client. BLX will assist the client in drafting language on the client’s website (or developing a form letter, as appropriate) confirming, with appropriate language meeting the requirements of the Municipal Advisor Rule for the IRMA exemption, that the client will rely on BLX’s advice as its municipal advisor.
  2. BLX will participate in joint communications, conference calls and meetings with broker/dealer(s) with respect to such structuring options or products as requested by the client.
  3. BLX will communicate with potential underwriter(s) on behalf of the client as requested by client.
  4. BLX will maintain records of proposals presented to the client by potential underwriter(s) and delivered to BLX.
  5. BLX will work with the client to request and attempt to ensure that any proposed or prospective underwriter or other person who might provide financial advice to the client provides to the client a copy of written disclosure meeting the requirements of the Municipal Advisor Rule stating (a) with respect to a municipal entity, that it is not a municipal advisor to the client and is not subject to the fiduciary duty established in Section 15(c)(1) of the Securities Exchange Act of 1934 with respect to the municipal financial product or issuance of municipal securities or (b) with respect to an obligated person that it is not a municipal advisor with respect to the municipal financial product or issuance of municipal securities.
  6. BLX will provide advice, analysis and perspective to the client on proposals and other advice and communications received from the client by prospective underwriters and other parties regarding outstanding or proposed debt or financial products.

BLX is available and qualified to offer a wide range of financial advisory services, from providing independent advice or reviewing proposals provided by underwriters and other market participants prior to making a decision to undertake a particular financing, to guiding and assisting an issuer or borrower in executing a financing, to a comprehensive range of post-issuance services. BLX will tailor financial advisory engagements to provide the unique assistance needed by each issuer or borrower.

For questions about BLX services, or for additional information on Independent Registered Municipal Advisory (IRMA) Services, please contact:

Glenn Casterline, Managing Director
BLX Los Angeles
213 612 2229
gcasterline@blxgroup.com

©2017 BLX Group