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Compliance Outreach Program for Municipal Advisors

Compliance Outreach Program for Municipal Advisors

Virtual Program Co-hosted by the SEC, MSRB and FINRA
Thursday, October 7, 2021
10:00 a.m. - 5:00 p.m. ET
Register to attend.

Optional EDGAR Tutorial (10:00 a.m. – 10:45 a.m.)
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

Break (10:45 a.m. – 11:00 a.m.)

Welcome and Program Preview (11:00 a.m. – 11:10 a.m.)

  • Rebecca Olsen, Director, Office of Municipal Securities, SEC

  • John Polise, National Associate, Broker-Dealer Exchange Program, Division of Examinations, SEC

Panel 1: Practical Considerations for Managing Conflicts of Interest Disclosures (11:15 a.m. – 12:15 p.m.)
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

Panelists:

  • 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.

Break (12:15 p.m. – 12:20 p.m.)

Panel 2: Regulatory Obligations of Municipal Advisor Operations (12:20 p.m. – 1:20 p.m.)
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

Panelists:

  • David Hodapp, Director, Market Regulation, MSRB

  • Emily Hanson Santana, Attorney-Adviser, Office of Municipal Securities, SEC

Break (1:20 p.m. – 1:25 p.m.)

Panel 3: Municipal Advisor Activities Related to New Issue Pricing (1:25 p.m. – 2:25 p.m.)
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

Panelists:

  • Gail Marshall, Chief Regulatory Officer, MSRB

  • Jeff Smith, President, Omnicap Group LLC

Break (2:25 p.m. – 2:30 p.m.)

Panel 4: Preparing for an Examination (2:30 p.m. – 3:30 p.m.)
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

Panelists:

  • 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

Break (3:30 p.m. – 3:35 p.m.)

Panel 5: SEC and FINRA Examination and Enforcement (3:35 p.m. – 4:50 p.m.)
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

Panelists:

  • 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

Closing Remarks (4:55 p.m. – 5:00 p.m.)
Yolanda Trottman-Adewumi, Vice President, Specialist Programs, FINRA

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