financial advisor

MSRB Proposal to Prohibit Dealers from Acting as Financial Advisors and Underwriters

On February 9, the MSRB filed with the SEC a proposed rule change to prohibit a broker, dealer, or municipal securities dealer from acting both as a financial advisor to an issuer of municipal securities and as an underwriter for the same new issue of municipal securities. MSRB Release. MSRB Notice.

MSRB Request For Comment on Underwriting Activities of Financial Advisors

On August 17, the Municipal Securities Rulemaking Board issued a request for comment on draft amendments to Rule G-23, which would prohibit any broker, deal or municipal securities dealer acting as a financial advisor to an issuer in connection with a new issue of municipal securities from also acting as underwriter for such issuance.  The MSRB has included a list of topics on which comments are sought.  Comments are requested no later than September 30. MSRB Request for Comment