2.2.2.5. Advice vs. Recommendation
The MSRB defines advice broadly as it is defined by Section 15B of the Exchange Act. A recommendation, according to the MSRB, is a type of advice. But in order for advice to be considered a recommendation it must meet a two-pronged definition:
1. The advice must exhibit a call to action to proceed with a municipal financial product or an issuance of municipal securities. Calls to action usually involve specific communicati