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Abstract: 

This paper addresses the impact of the Dodd-Frank Act and subsequent rulemaking by the MSRB, including Rule G-42 (Duties of Non-Solicitor Municipal Advisors), on the relationship between issuers and their municipal advisors. It discusses how the access to municipal advice has changed and how new rules and regulations have affected the financing process, solicitation for services, and communication between issuers and their municipal advisors and other professionals. It also considers how issuers can best navigate and manage their municipal advisors and discusses the role and limitations of a municipal advisor in bank loans as one example of where we have yet to see how all of this rulemaking will play out in the diverse municipal marketplace.

Keywords: Municipal advisor regulations, MSRB Rule G-42, MA Rule, fiduciary duty, SEC

Affiliations:  1: National Association of Municipal Advisors; 2: Norton Rose Fulbright US LLP; 3: KNN Public Finance; 5: Hilltop Securities Inc..