Code of Conduct and Ethics

NAIPFA CODE OF PROFESSIONAL CONDUCT AND ETHICS 

PREAMBLE

As a representative of the National Association of Independent Public Finance Advisors (NAIPFA), and as a representative of clients, Certified Independent Public Finance Advisors and other employees of member firms, both hereafter referred to as “Advisor”, shall have a responsibility to conduct themselves with dedication, integrity and honor of the profession. An Advisor shall not engage in underwriting activity and shall accept compensation only from the client for providing independent advice.

An Advisor shall provide a client with independent advice on implementing available financing alternatives.  Advice given shall adhere to all federal, state and local laws, regulations and rules applicable to the securities industry. As a negotiator, the advisor shall seek the result most advantageous to the client and maintain honor and integrity in dealing with others.

An Advisor shall be competent, prompt and diligent in professional functions. An Advisor shall keep an open line of communication with a client concerning the representation. The Advisor shall keep all client information in confidence except as required by law or this code of ethics.

An Advisor shall be guided by personal conscience and the approvals of professional peers and thus strive to attain the greatest level of skill to improve the quality of advice. In the ever changing environment of laws, securities regulations and rules, it is imperative for the Advisor and NAIPFA to continue our education to provide the highest quality advice. This commitment to continuing education in matters related to advising our clients provides for better Advisors and enhances the credibility of NAIPFA.

 

STANDARDS OF CONDUCT AND ETHICS

A. Competence – The Advisor shall:

• Provide competent representation to a client.

• Make thorough preparations applying his/her knowledge and skill.

• Not represent a client beyond his/her competence unless the advisor is associating with an advisor who is competent.

• Seek to maintain the highest professional standards and seek to improve the effectiveness of the position of Certified Independent Public Finance Advisor through continuing professional education.

B. Scope – The Advisor shall:

• Seek the client’s objectives through reasonably available means permitted by law, securities regulations, rules and this code.

• Not knowingly engage or assist a client in conduct that is illegal or violates current securities regulations.

C. DILIGENCE – The Advisor shall:

• Act with diligence and promptness in representing a client.

• Act with commitment and dedication to the interest of the client.

• Carry through to conclusion all matters undertaken for a client unless the relationship is terminated.

D. COMMUNICATION – The Advisor shall:

• Not knowingly sign, subscribe to, or permit the issuance of any Official Statement which contains any misstatement or which omits any material fact.

• Explain a matter to the extent necessary to permit the client to make an informed decision.

• Maintain ongoing communication with the client.

• Comply with all reasonable requests for information.

E. CONFIDENTIALITY – The Advisor shall:

• Exhibit loyalty and trust in the affairs and interests of the client.

• Not reveal information relating to representations of a client unless the client consents after consultation.

F. CONFLICT OF INTEREST – The Advisor shall:

• Not represent a client if such representation is adverse to another client.

• Not seek or accept personal gain which would influence or appear to influence the conduct of the representation.

G. COMPETITION – The Advisor shall:

• Not solicit a party in connection with a specific financing for which the party has entered into an agreement with another financial advisor. However, an advisor may provide service to such a party if the party has initiated the request to provide advice.