2021 Compliance Outreach Program for Municipal Advisors Agenda
The 2021 Compliance Outreach Program for Municipal Advisors is a free webcast program designed to provide municipal advisors and other municipal market participants an opportunity to hear from SEC, MSRB and FINRA staff on timely regulatory and compliance matters. Topics of discussion include managing conflicts of interest disclosures; operational considerations for registered municipal advisors; municipal advisors’ participation in new issue pricing; preparing for an examination; SEC and FINRA examination processes and common observations; and relevant SEC and FINRA enforcement actions. A tutorial on using the EDGAR system will also be presented.
Thursday, October 7, 2021
All times are listed in Eastern Time.
10:00 a.m. – 10:45 a.m.
Optional EDGAR Tutorial
This tutorial assists filers that either are new to the EDGAR system or would like to brush up on their EDGAR skills. SEC staff walks through the process to complete the Form ID to obtain access to EDGAR along with the process to access, complete, and submit the municipal advisor registration forms. SEC staff addresses common EDGAR questions received by municipal advisors along with common mistakes for filers to avoid.
Moderator: Mark Stewart, Attorney-Adviser, Office of Municipal Securities, SEC
Panelist: Sylvia Pilkerton, Senior Business Analyst, EDGAR Business Office, SEC
10:45 a.m. – 11:00 a.m.
11:00 a.m. – 11:10 a.m.
Welcome and Program Preview
- Rebecca Olsen, Director, Office of Municipal Securities, SEC
- John Polise, National Associate, Broker-Dealer Exchange Program, Division of Examinations, SEC
11:15 a.m. – 12:15 p.m.
Panel 1: Practical Considerations for Managing Conflicts of Interest Disclosures
This panel focuses on municipal advisors’ review for, and disclosure and mitigation of, material conflicts of interest to municipal entity and obligated person clients under MSRB Rule G-42. Panelists describe how they evaluate legal and disciplinary events for purposes of disclosing information that is material to the client’s evaluation of the municipal advisor or the integrity of its management or advisory personnel. Additionally, panelists share their practices for making timely and appropriate disclosures.
Moderator: Saliha Olgun, Director, Market Regulation, MSRB
- Ed Fierro, Senior Counsel, Bracewell LLP
- Tracie Palmer, General Counsel and Chief Compliance Officer, Post Oak Municipal Advisors LLC
- Brian Reilly, CFA, Senior Municipal Advisor and Principal, Ehlers, Inc.
- Ashley McAnulty, Senior Vice President, Stephens Inc.
12:15 p.m. – 12:20 p.m.
12:20 p.m. – 1:20 p.m.
Panel 2: Regulatory Obligations of Municipal Advisor Operations
This panel focuses on the regulatory obligations related to municipal advisors’ firm operations. Panelists address requirements for maintaining registration, identifying associated persons of the municipal advisor engaged in municipal advisory activities, and maintaining general business records and other records in compliance with SEC and MSRB rules.
Moderator: Bonnie Bowes, Director, Fixed Income Regulation, FINRA
- David Hodapp, Director, Market Regulation, MSRB
- Emily Hanson Santana, Attorney-Adviser, Office of Municipal Securities, SEC
1:20 p.m. – 1:25 p.m.
1:25 p.m. – 2:25 p.m.
Panel 3: Municipal Advisor Activities Related to New Issue Pricing
This panel focuses on municipal advisors’ duty of care obligations under MSRB Rule G-42 and their supervisory obligations under MSRB Rule G-44 when providing pricing-related advice to municipal entity or obligated person clients. MSRB staff highlight municipal advisors’ considerations for developing written supervisory procedures regarding new issue pricing.
Moderator: Ernie Lanza, Senior Counsel to the Director, Office of Municipal Securities, SEC
- Gail Marshall, Chief Regulatory Officer, MSRB
- Jeff Smith, President, Omnicap Group LLC
- Brian J. Lefler, Managing Director, Robert W. Baird & Co. Incorporated
2:25 p.m. – 2:30 p.m.
2:30 p.m. – 3:30 p.m.
Panel 4: Preparing for an Examination
This panel provides insights on preparing for a regulatory examination. This panel is particularly helpful for municipal advisors that have never been examined, firms that have not been examined in several years, and firm personnel who will participate in future exams. However, all attendees are welcome.
Moderator: Cheryl Maddox, Managing Director, General Counsel, PFM
- William Downey, Examination Manager, Member Supervision, FINRA
- David Martin, Securities Compliance Examiner, New York Regional Office, Division of Examinations, SEC
- Julianne Graham, President, Oakdale Municipal Advisors
- Robert E. Lewis III, Senior Vice President, Managing Director Public Finance, PMA Securities, LLC
3:30 p.m. – 3:35 p.m.
3:35 p.m. – 4:50 p.m.
Panel 5: SEC and FINRA Examination and Enforcement
SEC and FINRA examination and enforcement staff review common examination findings and recent enforcement actions and investigations. Panelists discuss observations related to the updating of compliance procedures to reflect corrective actions taken by municipal advisor firms and provide general observations on effective supervisory practices. Industry practitioners share their tips and tools for reviewing their compliance policies and procedures.
Moderator: Bri Joiner, Director Regulatory Compliance, MSRB
- Michael Nouri, Lead Principal Analyst of Fixed Income Regulation, Office of General Counsel, FINRA
- Karla Serna, Senior Staff Accountant, Chicago Regional Office, SEC
- Mark Zehner, Deputy Chief, Public Finance Abuse Unit, Division of Enforcement, SEC
- Scott Coya, Vice President, Deputy Chief Compliance Officer, D.A. Davidson
- Jerry Ford, President, Ford & Associates
4:55 p.m. – 5:00 p.m.
- Yolanda Trottman-Adewumi, Vice President, Specialist Programs, FINRA