Series 54: Chapter Two

Chapter Two

Supervising Municipal Advisory Activities

As a fiduciary, a municipal advisor must always place the interests of its clients above those of the firm. This is a strict standard to uphold. To ensure that municipal advisors always do what is best for their clients, the MSRB has instituted rigorous guidelines on how firms should deal with clients, and to enforce these guidelines, it has established specific policies related to a firm’s supervisory requirements. This chapter will first look at the MSRB’s supervisory requirements for municipal advisory firms and then focus on the explicit duties and obligations that firms must follow when working with clients.

At the end of the chapter, you should be knowledgeable about how to successfully perform the following supervisory functions: