Today the Municipal Securities Rulemaking Board (MSRB) filed with the Securities and Exchange Commission (SEC) an amendment to proposed MSRB Rule G-42, on duties of non-solicitor municipal advisors. If approved by the SEC, proposed Rule G-42 would establish core standards of conduct and duties of non-solicitor municipal advisors when engaging in municipal advisory activities, including their fiduciary duty to municipal entity clients. Today’s amendment adds, in response to commenters, a narrow exception to the specified prohibition in the proposed rule of certain principal transactions with municipal entity clients, and also makes minor, technical amendments. The exception generally would cover transactions in particular types of fixed income securities where the municipal advisor follows a process to make disclosure and obtain client consent.