WASHINGTON — The Municipal Securities Rulemaking Board on Thursday will propose core standards for the conduct of municipal advisors, including regarding their fiduciary duty to put clients' interests first, disclosure and professional conduct responsibilities, and required expertise.
MSRB executive director Lynnette Kelly and general counsel Gary Goldsholle will hold a press conference after the release of the proposed standards to provide an overview and respond to reporters' questions.
The Dodd-Frank Act imposed a fiduciary duty on municipal advisors and for the first time required non-dealer MAs to become subject to MSRB rules.
The board has been developing a series of rule changes and new rules for municipal advisors that dealers hope will put non-dealer MAs on a par with dealer MAs.
MAs are required to register with the MSRB and the Securities and Exchange Commission. They already must honor their fiduciary duty and comply with the MSRB's Rule G-17 on fair dealing.
