Series 50: Underwriters Acting As Municipal Advisors

Underwriters Acting as Municipal Advisors

While municipal advisors must never function as underwriters, there are some instances in which underwriters may function as municipal advisors.

If the municipal entity has already retained an independent municipal advisor, then the entity may also receive advice from a market participant, including an underwriter, if the following requirements are met:

• • The independent municipal advisor must be registered with the SEC and must not have been associated with the market participant for at least two years.
• • The market participant must receive written notification from the municipal entity that it has retained an independent municipal advisor.
• • The market participant must disclose in writing to the municipal entity and th