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Abstract: 

The concept of a fiduciary duty to provide information to an issuer (or another party) is dependent upon a number of factors that, although varying according to the facts and circumstances, may be characterized as involving arelationship of trust and confidence.” Contracts may affect whether a fiduciary relationship exists, although the concept is one of relationships, not of contracts. For many reasons, it is important for issuer officials to read and understand the contracts and other documents they approve and sign affecting relationships between the issuers and municipal securities market professionals.

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Affiliations:  1: American Governmental Financial Services Company (AGFS).