1.2.5. Municipal Advisors
Municipal advisors are defined in Section 15B of the Exchange Act. A municipal advisor is any person that provides advice to, or on behalf of, municipal entities or an obligated person. The advice is regarding municipal financial products or the issuance of municipal securities, including advice related to the structure, timing and terms of those products or issues. This includes any advice regarding the investment of proceeds from a municipal issuance. Municipal advisors also include anyone who solicits municipal entities to invest in financial products or to issue municipal securities.
All non-solicitor municipal advisors have a fiduciary duty to the municipal entity, which means the municipal advisor must act in the muni