I would suggest that for municipal advisors your fiduciary duty should start with the question of whether this financing even needs to be done. [12] Broker-dealers who act as remarketing agents cannot price bonds for their own convenience at the expense of municipal issuers. Another area of concern that was discussed today was municipal advisor activity conducted by persons and entities who failed to register. [17] In 2022, staff began a courtesy process of voluntarily notifying municipal advisors of delinquencies and also voluntarily reminding municipal advisors to file annual amendments within 90-days of the end of the fiscal or calendar year and material amendments promptly. [24] Again, we are 10 years since the passage of the municipal advisor rule and such items are low hanging compliance areas.

Source: Wall Street Journal December 07, 2023 21:52 UTC