Fiduciary Standard:

"A municipal advisor and any person associated with such municipal advisor shall be deemed to have a fiduciary duty to any municipal entity for whom such municipal advisor acts as a municipal advisor, and no municipal advisor may engage in any act, practice, or course of business which is not consistent with a municipal advisor's fiduciary duty or that is in contravention of any rule of the Board."

• Antifraud Provisions: mirroring long-standing securities anti-fraud rules proscribing "any fraudulent, deceptive, or manipulative act or practice." Note: MSRB Rules implementing the fiduciary standard will be much broader than mere anti-fraud rules.

Originally Published in The National Society Of Compliance Professionals - October 22, 2014.