Code of Professional Conduct and Ethics

The National Association of Municipal Advisors (NAMA) is a professional organization comprised of municipal securities industry professionals who provide municipal advisory services (“Municipal Advisors” or “MA”) to State and local governmental entities and other obligated persons.^[1]  The NAMA Code of Ethics are fundamental to the values of NAMA and essential to its goal of leading the municipal advisory profession by promoting the highest standards of ethics, education and professional excellence in the municipal advisory industry.

NAMA serves to provide its members and the industry with the following:

• Educational opportunities that assist in the development of ethical, capable and qualified professionals in this field,
• A forum for the exchange of ideas as to regulation and practice in this field,
• Leadership by developing, responding to and participating in proposals to improve the state of the law and practice in the municipal advisory industry,
• Disseminating information on developments in the field, providing services which facilitate interchange among members regarding the profession and the most ethical delivery of municipal advisory services to governmental entities and other obligated persons.

NAMA members are expected to understand and conduct themselves in a manner that meets and exceeds federal regulatory standards, state or local laws, or other applicable duties that apply to Municipal Advisors.  This includes abiding by the federal fiduciary duty, where the interests of the client must come first and be above the interests of the individual MA or the MA Firm.  In addition to federal regulations, Municipal Advisors must follow all state and local laws and codes that apply in the jurisdiction where they practice. In the event of a conflict in law or regulation, NAMA members must comply with the more strict law or regulation. Additionally, NAMA members are expected to look for opportunities to enhance their professional practice and skills by broadening their scope of educational and learning opportunities that go beyond standards set by federal regulators.

All NAMA members are expected to adhere to and conduct their professional activities in accordance to the NAMA Code of Ethics as set forth herein, or if greater standards apply, in accordance with the Code of Ethics established by their own firm and/or employer. 

Code of Professional Conduct and Ethics

Serving Clients.  MunicipalAdvisors shall meet or exceed professional standards established in SEC and MSRB rulemaking, as well as state and local laws, in their work for governmental entities and obligated persons. These include standards related to: 

• Avoiding pay to play practices
• Communicate thoroughly and in a timely manner with clients
• Comply promptly and thoroughly with all reasonable requests for information by client management or governance officials.
• Conducting due diligence to determine the relevant facts, suitability and circumstances in order to make a recommendation to clients
• Disclosing and mitigating any conflicts of interest
• Fair dealing with transaction participants
• Federal fiduciary duties, including the duty of care and duty of loyalty, when applicable
• Following the client’s scope of services and ability to perform stated services
• Providing advice to clients

 Professional Standards.  Municipal Advisors shall meet or exceed professional standards established in SEC and MSRB rulemaking, as well as state and local laws, related to their qualifications to serve in a professional capacity.  These include standards related to: 

• Qualification testing
• Registration with and remaining in good standing with the SEC and the MSRB
• Continuing education

 Business Conduct.  Municipal Advisors shall meet or exceed professional standards related to business conduct and strive to: 

• Be truthful in all professional activities including marketingMaintain confidentiality as requested by the client and as set forth in agreements, undertakings, or understandings of client officials to the extent permitted by law
• Never knowingly be a party to or condone any illegal or improper activity
• Never knowingly make any misrepresentation relating to delivery of municipal advisory services or other professional activitiesProvide competent representation to a client, and not represent a client beyond their advisory capabilities
• Respect existing contracts and relationships of clients and prospective clients with other professionals, including other Municipal Advisors
• Safeguard client information appropriately to the extent permitted by law
• Seek educational opportunities above and beyond those mandated by SEC and MSRB rulemaking, as well as state and local laws
• Self-report violations of federal, state or local laws related to MA responsibilities
• Treat other members and firms in good standing within NAMA and the profession with respect and seek to interact at all times in a professional manner with others in the industry.

 9/15/16 Approved by Board of Directors