[IMGCAP(1)]Nonprofit and for-profit corporations that borrow through the issuance of taxable or tax exempt municipal debt have a new rule about who can give them financial advice.

A municipal advisor is a qualified financial professional who gives municipalities and nonprofits advice on financial deals such as bond offerings. Under the municipal advisor rule that the SEC approved last September, that person must now be registered through the SEC as a municipal advisor and cannot have any other interest in the deal. They now have a federal fiduciary duty to their clients and will be held to new professional qualification and business conduct standards.

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