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. The NAMA Code of Ethics is 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 that 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 stricter 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 with 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
9/15/16 Approved by Board of Directors
[1] Obligated Persons - Any person (including the issuer) legally committed to support payment of all or part of an issue of municipal securities, other than certain unrelated providers of credit or liquidity enhancement.