Compliance Outreach Program for Municipal Advisors
The 2017 Compliance Outreach Program for Municipal Advisors is designed for municipal advisor industry professionals. The focus of the program is to promote strong compliance practices for the protection of investors. FINRA is partnering with the SEC and the MSRB to sponsor the program. Topics of discussion will focus on the duties and standards of conduct for non-solicitor municipal advisors under MSRB Rule G-42 and the Securities and Exchange Act of 1934, as well as municipal advisor compliance with rules concerning supervision, registration, and books and records. The program will also include a roundtable discussion among the regulators highlighting timely compliance and regulatory topics with respect to municipal advisors, while addressing audience questions.
Similar to the compliance outreach programs for broker-dealers and investment advisers, the municipal advisor program is designed to provide an open forum for municipal advisory industry professionals to discuss current compliance practices with regulators and promote a more effective compliance structure for regulatory obligations of municipal advisors.
There is no cost to attend the program. Registration is open to all municipal advisor professionals, however, in-person attendance is limited to a first-come, first-served basis. There will be a maximum of two attendees per firm. For those who cannot attend in-person, the program will be webcast live on the SEC’s website and available on the SEC website.
For additional information on the Compliance Outreach Program for Municipal Advisors, including the agenda and how to register, please visit the SEC, MSRB, or FINRA websites. Information on accessing the webcast will be posted on the SEC, MSRB, and the FINRA websites on the day of the program.
November 8, 2017
9:00 am – 3:45 pm EST
SEC Atlanta Regional Office
- Registration & Continental Breakfast (8:00 am – 9:00 am)
- Welcome and Opening Remarks (9:00 am – 9:15 am)
- Panel 1: Fiduciary Duty/G-42 - Policy (9:15 am – 10:15 am)
This panel will focus on the duties and standards of conduct for non-solicitor municipal advisors under MSRB Rule G-42 and the Securities and Exchange Act of 1934. Panelists will review key aspects of a non-solicitor municipal advisor’s duties under the federal securities laws and MSRB rules.
- Break (10:15 am – 10:30 am)
- Panel 2: Fiduciary Duty/G-42 - Practical Application and Examination Findings (10:30 am – 11:45 am)
This panel will continue the focus on the duties and standards of conduct for non-solicitor municipal advisors under MSRB Rule G-42 and the Securities and Exchange Act of 1934, but will focus its discussion on issues related to the practical application of the rules for municipal advisors. As part of this discussion, panelists will review common issues observed by SEC and FINRA examination and enforcement staff when conducting fiduciary duty or G-42-related examinations and investigations.
- Lunch on Your Own (11:45 am – 1:00 pm)
- Panel 3: Supervision, Registration and Books & Records (1:00 pm – 2:00 pm)
This panel will focus on the obligations of municipal advisors relating to SEC and MSRB rules with respect to supervision, registration, books and records. The panelists will also review common deficiencies found by [SEC and FINRA] examination staff when examining for compliance with these rules.
- Break (2:00 pm – 2:15 pm)
- Panel 4: Regulatory Roundtable (2:15 pm – 3:30 pm)
Staff from the SEC, MSRB, and FINRA will engage in a roundtable discussion of a variety of timely compliance and regulatory topics with respect to municipal advisors and address questions raised by the audience.
- Closing Remarks (3:30 pm – 3:45 pm)