Understanding the Fiduciary Duty of Government Finance Officers and External Parties

Session Time: 
Sunday, May 19, 2019 - 2:40pm to 3:30pm
Field of Study: 
Specialized Knowledge & Applications

Government officials have a fiduciary duty to serve the interests of their entity and protect public funds. Even when governments rely on the advice of outside professionals, that duty remains intact. External advisors such as investment advisors and municipal advisors have federally mandated fiduciary duties to put the interest of their clients (governments) ahead of their own. Other market players – such as brokers – are impacted by factors like suitability standards and some federal regulatory actions. This session will give an overview of what the parameters of fiduciary duty standards are for internal government staff as well as external professionals to help governments understand what is expected of themselves and others.