• Municipal Advisor Compliance Outreach Program to Be Held November 8, 2017, in Atlanta
  • October 11, 2017 | Author: J. Andrew Gipson
  • Law Firm: Jones Walker LLP - Jackson Office
  • On September 11, 2017, the Securities and Exchange Commission (SEC), Municipal Securities Rulemaking Board (MSRB), and Financial Industry Regulatory Authority (FINRA) announced that a Compliance Outreach Program will be held for municipal advisor professionals at the SEC's Atlanta, Georgia, Regional Office on November 8, 2017. The program will focus on regulatory compliance topics including fiduciary duties and practical implementation under MSRB Rule G-42, supervision, registration, and books and records. The program will conclude with a regulatory roundtable of SEC, MSRB, and FINRA staff. A copy of the Agenda is available here (PDF).

    This Compliance Outreach Program was announced as 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. Audience questions will also be taken during the roundtable portion of the program.

    Under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the SEC's permanent registration rules adopted in 2013, a number of banks and separately identifiable bank divisions have been required to register as municipal advisors. Banks that engage in municipal advisory activities, such as acting as financial advisors to municipal entities in structuring issues of municipal securities or providing advice with respect to municipal derivatives, are required to register as a municipal advisor. Exemptions continue to apply for banks providing advice with respect to certain specified banking products and services (such as deposit accounts, extensions of credit, or bond indenture trustee services).