Muni Bond Advisers Face Compensation Monitoring

Law360, New York (August 23, 2011, 4:05 PM EDT) -- The securities industry's rulemaking body said Tuesday that regulators should monitor the pay that municipal bond advisers receive to ensure they are meeting their obligation to place their clients' interests above their own.

The Municipal Securities Rulemaking Board asked the U.S. Securities and Exchange Commission to approve a new rule and related guidance that would establish the fiduciary duty advisers owe state and local government clients. The rule was required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

"We are proposing that municipal advisers...
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