MA

Municipal Adviser. MAs include financial advisers to state and local governments with respect to the issuance of municipal securities, swap advisers to municipal issuers, municipal securities dealers, etc. The DFA imposes a fiduciary duty on MAs, requires the registration of MAs with the SEC, provides for their regulation by the MSRB, and makes several other changes to their regulation in order to promote the integrity of the municipal securities market.

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