MSRB Municipal Advisor Rules

On February 14, the MSRB (i) filed with the SEC a proposal to require municipal advisors to notify the MSRB when the advisor ceases to engage in municipal advisory activities and (ii) issued proposals to establish a new municipal advisor fiduciary rule, and provide further guidance to municipal advisors, broker-dealers and banks on fair dealing obligations. Proposed Notification Rule Release. Proposed Fiduciary Duty Rule and Fair Dealing Obligations Release.