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Commentary by Nihal Patel

The SEC approved an MSRB rulemaking to adopt standards of professional conduct for municipal advisors. New Rule G-42 sets forth the standards for the fiduciary duty of municipal advisors to municipal entity clients. In addition, adopted amendments to MSRB Rule G-8 ("Books and Records to Be Made by Brokers, Dealers and Municipal Securities Dealers") require a municipal advisor to keep documentation that was material to its review of recommendations, or that memorialized its basis for any suitability determination. Rule G-42 sets forth broadly the requirements that will apply to the relationship