The Municipal Securities Rulemaking board has released guidance for issuers to use in deciding when to hire, and how to compensate, municipal advisors.

State and local governments often hire municipal advisors to help them with a range of financial issues, including providing advice on muni bond issuances. Muni advisors owe their issuer clients a fiduciary duty to put their best interests ahead of their own, a duty that underwriters do not have, the MSRB pointed out.

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