Obligations and Liabilities of Placement Agents and Selling Group Members

What this video covers

• The ordinary broker-dealer conduct standard of fair dealing and accurate, non-misleading communications that applies to every placement agent and selling group member during a distribution
• The broker-dealer antifraud rule, which governs off-exchange trades by brokers, dealers, and municipal securities dealers
• The exam trap that the municipal securities dealer bar applies only to municipal securities, not to every security a municipal dealer trades
• The difference between the general antifraud rule (any person) and the broker-dealer antifraud rule (specifically for off-exchange professionals)
• Why civil liability for a material misstatement or omission in the offering document is a private right of action, not a regulatory conduct rule
• How to ground every fact-pattern analysis by first checking fair dealing and non-misleading communication before untangling heavier liabilities