Roles and Responsibilities of Market Participants in Fixed-Rate Primary Market Offerings

Read the learning objectives and topics covered in this MuniEdPro® course. Log into MuniEdPro®.

Target Audience:

  • Broker-dealers
  • Municipal securities issuers
  • Municipal advisors

Learning Objectives:

At the end of the course the learner will be able to:

  • Identify the duties of underwriters and non-solicitor municipal advisors in a municipal securities transaction;
  • Compare negotiated versus competitive transactions; and
  • Identify and apply MSRB rules related to negotiated and competitive transactions for underwriters and municipal advisors.

Course Outline:

1. Introduction
a. Overview of the municipal bond transaction
b. The Deal Table
i. Non-solicitor municipal advisor’s activities
ii. Underwriter’s activities 
c. Definitions
i. Underwriter
ii. Non-solicitor municipal advisors

2. The Role of an Underwriter 

3. The Role of a Non-Solicitor Municipal Advisors
a. MSRB Standards of Conduct for Non-Solicitor Municipal Advisors
i. Duty of Care
ii. Duty of Loyalty

4. Transactions Types
a. Negotiated
b. Competitive
c. Selection Considerations
d. Roles and Responsibilities 
i. Negotiated Transactions
ii. Competitive Transactions

5. Assessment