
June 1989
SEC Adopted Rule 15c2-12: The SEC mandated that underwriters for most bond issues obtain the issuer’s agreement to deliver an official statement to the underwriter within seven business days after the date of sale.
The SEC also required underwriters to review the official statement to determine whether all key factors had been disclosed. The landmark rule promoted increased disclosure and transparency in the municipal securities market.
June 1998 Kuehl Signs its 50th project as a fiscal agent
Dec 2004 Kuehl moves to new office space on 14747 California St

July 2007
Financial Industry Regulatory Authority (FINRA) is founded. FINRA is not part of the government, rather an independent, not-for-profit organization.
Authorized by Congress to protect America’s investors by making sure the securities industry operates fairly and honestly.
July 2010 Dodd-Frank Wall Street Reform and consumer Protection Act was signed into federal law
June 2012 Kuehl begins the firm’s transition from an underwriter to a municipal advisory firm

August 2012 MSRB Rule G-17 & G-23 Updated:
Rule G-17 known as the “fair dealing” rule, changes requirements that an underwriter must follow throughout the new issuance process for municipal securities. Upon the adoption of the Rule G-17 interpretive notice the MSRB stated:
Rule G-17 known as the “fair dealing” rule, changes requirements that an underwriter must follow throughout the new issuance process for municipal securities. Upon the adoption of the Rule G-17 interpretive notice the MSRB stated:
Dec 2012 Kuehl Capital begins transitioning all existing client contracts to that of an MA relationship

Sept 2013
The SEC gives final approval to the definition of MA. The SEC municipal advisor rule specifies which activities will be covered by the Dodd-Frank Act imposed fiduciary duty of a municipal advisor to its client.
And will limit the manner in which the underwriters and other professionals interact with issuers.
July 2014 Permanent registration of MA’s by the SEC must be completed.