The MSRB requested a second round of comments on revisions to proposed Rule G-46 ("Duties of Solicitor Municipal Advisors"). If adopted, the amendments would codify previously issued interpretive guidance concerning the requirements applicable to solicitor municipal advisors under Rule G-17 ("Conduct of Municipal Securities and Municipal Advisory Activities") (see related coverage).
In response to comments received during the first comment period, the MSRB is revising proposed MSRB Rule G-46 to (i) clarify that solicitor municipal advisors do not owe a fiduciary duty under the Exchange Act to clients in connection with solicitation activities and (ii) conform the rule to certain requirements that apply to non-solicitor municipal advisors and certain solicitations under IAA Rule 206(4)-1 ("Investment Adviser Marketing").
This new comment period will close on March 15, 2022.
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