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What Governments Should Know About Their Financial Advisors
A significant topic in the municipal securities market in recent years surrounds the concept of fiduciary relationships. One particular focus concerns how certain municipal finance advisors--financial advisors, investment advisors, underwriters acting in advisory or agency capacities, and other specialized consultants--relate to issuer clients. Some municipal finance advisors are surprised to learn that they may have fiduciary status. Governmental securities issuers also need to know about recent affirmations of principles espoused long ago for similar service providers.
The emphasis in this ...