MSRB Issues Guidance for Solicitor Municipal Advisors
The Municipal Securities Rulemaking Board ("MSRB") issued guidance that clarifies rules for municipal advisors who receive compensation in exchange for soliciting municipal entities on behalf of unaffiliated third parties. The guidance focuses on the MSRB regulatory framework applicable to solicitors, though much of the content is relevant to municipal advisors in general.
The guidance includes a list of applicable rules and an extensive collection of compliance resources for municipal advisors.
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MSRB Chair Nathaniel Singer notified Congress that the MSRB has "concluded development of a core regulatory framework for municipal advisors, implementing a regime mandated by Congress under the Dodd-Frank [Act]."
