SEC approves new municipal advisor fiduciary duty rule. Issue 2 (4th July 2016)

• Record Type: Journal Article
• Authors: Wink, Stephen; Reinhardt, Anna; Ackerman, Brett M.; Miller, Sean
• Is Part Of: Journal of investment compliance. Volume 17:Issue 2(2016)
• Page Start: 43
• Page End: 49
• Publication Date: 2016-07-04
• Subjects: Duty of care -- Fiduciary -- Duty of loyalty -- Municipal advisors -- Municipal Securities Rulemaking Board (MSRB); Institutional investments -- Law and legislation -- Periodicals; Securities -- Periodicals; 332.6
• DOI: 10.1108/JOIC-04-2016-0014
• Languages: English
• ISSNs: 1528-5812

Abstract

Abstract : Purpose: To analyze the Municipal Securities Rulemaking Board's new rule outlining the standards of conduct and fiduciary duties applicable to municipal advisors. Design/methodology/approach: This article contains a summary of new MSRB Rule G-42 and identifies key areas where the final version of MSRB Rule G-42 differs from the initial proposal. Findings: New MSRB Rule G-42 represents another significant milestone in the MSRB's development of a comprehensive regulatory framework for municipal advisors mandated under the Dodd-Frank Wall Street Reform and Consumer Protection Act and imposes significant requirements on municipal advisors. Originality/value: Practical guidance from experienced securities and financial services lawyers.