WASHINGTON — Issuers can take advantage of the independent municipal advisor exemption in order to get the advice of underwriters and other professionals who otherwise would be unable to offer it, according to a paper the Government Finance Officers Association has published on the Securities and Exchange Commission's final MA registration rule.

The 10-page GFOA paper is aimed at giving issuer officials the information they need to navigate the new regulatory regime, which places a fiduciary duty on anyone who offers particularized advice to an issuer or borrower about the issuance of munis, muni derivatives, or the investment of muni proceeds.

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