The MSRB recently published a revised version of proposed Rule G-42, concerning the duties owed by municipal advisors to their public entity clients. 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 advisors 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 advisors.  Municipal entities, however, will generally have to take affirmative steps to obtain certain information from their advisors, which previously would have been automatically provided to them under the Rule as originally proposed.

For a complete analysis of the changes, check out my write-up here.