MSRB Completes Core Regulatory Framework For Municipal Advisors

In a letter to Congress, MSRB Chair Nathaniel Singer declared that the MSRB has "concluded [the] development of a core regulatory framework for municipal advisors, implementing a regime mandated by Congress under the Dodd-Frank [Act]." He outlined education and transparency initiatives that were designed to implement the MSRB's municipal entity protection mandate.

Mr. Singer detailed foundational rules for municipal advisors, including:

• Rule G-42, establishing core standards of fiduciary conduct for municipal advisors in their relationships with clients;
• Rule G-3, creating professional qualifications for municipal advisors;
• Rule G-44, establishing supervisory and compliance obligations for municipal advisor firms; and