The Municipal Securities Rulemaking Board unveiled an online toolkit for muni issuers Monday, telling state and local governments that underwriters, unlike muni advisors, do not have a fiduciary duty to issuer clients.

The board’s move comes a few days after it filed with the Securities and Exchange Commission amendments to its proposed G-17 interpretive guidance for underwriters on fair dealing. That guidance would, for the first time, require underwriters to disclose that, unlike muni advisors, they do not have a fiduciary duty to issuers and would prohibit underwriters from telling issuers not to hire municipal advisors.

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