Which statement correctly describes the role of the fiduciary standard for municipal advisers?

• A. It requires advisers to always act in the investor's best interest.
• B. It applies to brokers and dealers, not advisers.
• C. Municipal advisers owe duties to issuers to provide prudent, independent advice, free of conflicts benefiting others.
• D. It has no relevance in primary offerings.

Answer: (C)