Hawkins Advisory

On December 23, 2015, the Securities and Exchange Commission (the “SEC”) issued an order approving the Municipal Securities Rulemaking Board’s (the “MSRB”) new Rule G‐42, on duties of non‐solicitor municipal advisors, and related amendments to its Rule G‐8, on books and records. Rule G‐42 establishes standards of conduct for municipal advisors that engage in municipal advisory activities, other than municipal advisory solicitation activities (for purposes of this advisory, “municipal advisory activities”).

Attachment: [Hawkins Advisory]