A broker/dealer that is a financial advisor to a municipal issuer:
I. Cannot act as an underwriter of the issuers bonds in a negotiated underwriting and receive compensation for both services.
II. Cannot act as an underwriter of the issuers bonds in a competitive bid underwriting and receive compensation for both services.
III. May always act as an underwriter of the issuers bonds in a negotiated underwriting and receive compensation for both services.
IV. May always act as an underwriter of the issuers bonds in a competitive bid underwriting and receive compensation for both service.
A) II and IV.
B) I and II.
C) I and III.
D) II and III.
Answer: B) I and II.