Series 54: 2.2.2.5. Advice Versus Recommendation

Taken from our Series 54 Online Guide

2.2.2.5. Advice versus Recommendation

The MSRB defines advice broadly as it is defined by Section 15B of the Exchange Act. A recommendation, according to the MSRB, is a type of advice. But in order for advice to be considered a recommendation it must meet a two-pronged definition:

1. The advice must exhibit a call to action to proceed with a municipal financial product or an issuance of municipal securities. Calls to a

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