On July 23, the Municipal Securities Rulemaking Board issued Regulatory Notice 2014-12, requesting comment on its proposed revisions to Draft Rule G-42, concerning the standards of conduct and duties of municipal advisers. The MSRB’s changes to the rule incorporate many of the comments previously received from the public, the effect of which would be to substantially relax the duties owed by municipal advisers to their municipal entity clients.
The MSRB expects that the changes to the rule will reduce the compliance burden for those firms required to register as municipal advisers. Municipal entities, however, will generally have to take affirmative steps to obtain certain information from their advisers, which previously would have been automatically provided to them under the rule as originally proposed.
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