WASHINGTON — The Municipal Securities Rulemaking Board has filed a proposed rule and interpretive notice with the Securities and Exchange Commission that details how municipal advisors would have to comply with their fiduciary duty to put the interests of issuers and other clients first.

Independent and dealer muni advisors acquired a fiduciary duty to clients on Oct. 1, 2010, under the Dodd-Frank Act. But proposed Rule G-36 and the interpretative notice, which contain requirements for carrying out that provision, would not take effect until either the effective date of the SEC's final registration rules that define the term "municipal advisor," or a later date, if that is when the commission approves the proposed rule.

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