News Release

SEC, FINRA, MSRB to Hold Compliance Outreach Program for Municipal Advisors

For Release: 
Tuesday, December 1, 2015
Contact(s): 

Judith Burns, SEC (202) 551-4120
Ray Pellecchia, FINRA (212) 858-4387
Leah Szarek, MSRB (703) 797-6740

WASHINGTON — The Securities and Exchange Commission, Financial Industry Regulatory Authority (FINRA), and the Municipal Securities Rulemaking Board (MSRB) today announced the opening of registration for the Compliance Outreach Program for Municipal Advisors that will take place in Philadelphia on Feb. 3, 2016, and be webcast live on the SEC website.

The SEC's Office of Compliance Inspections and Examinations, in coordination with the SEC's Office of Municipal Securities, is partnering with FINRA and the MSRB to sponsor the program. Similar to the compliance outreach programs for broker-dealers and investment advisers, the municipal advisor program will provide municipal advisor professionals a forum for discussions with regulators about recent exam findings, regulatory issues, and compliance practices.

Jessica Kane, Director of the SEC's Office of Municipal Securities, said, "This year's outreach program is designed to promote compliance with municipal advisor rules by providing municipal advisor professionals the opportunity to interact with all three regulators and to discuss regulatory and compliance issues with their industry peers."

"The municipal advisor outreach will be extremely informative and educational for new municipal advisors as they build their compliance programs," said Kevin Goodman, National Associate Director of the SEC's broker-dealer and municipal advisor examination programs. "This outreach, following the first ever in 2014, illustrates our continued commitment to foster an open dialogue among municipal advisors and regulators regarding regulatory obligations and expectations."

Mike Rufino, FINRA's Head of Member Regulation-Sales Practice said, "The discussions covering exam trends, general findings and the application of exemptions and exclusions from the municipal advisor registration rules will be valuable to municipal advisors. Any firm that is uncertain as to the full application of municipal advisor rules and regulations to its business may benefit from attending the conference."

"This program is consistent with the MSRB's goal of providing resources to municipal advisors to help them understand their regulatory obligations," said MSRB Executive Director Lynnette Kelly. "Municipal advisors will benefit from hearing first-hand from our staff."

There is no cost to attend the program. Registration is open to all municipal advisor professionals with limited in-person seating available (preference given to employees of registered municipal advisors on a first-come, first-served basis) and unlimited webcast viewing. If you plan to attend in-person or view via webcast, please register for the program here.

Information on accessing the webcast will be posted on the SEC website on the day of the outreach. For additional information visit the SEC, FINRA, or the MSRB websites.