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Investment Banks Face Challenges Under New Municipal Advisor Rules
Lanny A. Schwartz, Scott D. Farbish and Zachary J. Zweihorn of Davis Polk & Wardwell write: Congress adopted as part of Dodd-Frank a new registration and regulatory scheme for “municipal advisors.” While the law affects virtually all providers of financial services to the municipal sector, the fiduciary duty provision poses a particular challenge for investment banking. There remain uncertainties that may require further guidance from the SEC and the MSRB.
