Please join ACA, Sidley, and NSCP for this webcast workshop aimed at helping municipal underwriter and municipal advisor compliance professionals deal with current and unique regulatory challenges. During the two-hour event (one hour for underwriters and one for advisors), our industry-knowledgeable panelists will discuss issues relevant to these individuals and their firms.
ACA Compliance Group
On October 24, the Municipal Securities Rulemaking Board ("MSRB") received approval from the U.S. Securities and Exchange Commission ("SEC") to implement Rule G-44. This rule establishes baseline supervisory and compliance obligations for municipal advisors. It is the first new rule for these advisors since the SEC released its final municipal advisor registration rule in September 2013.
ACA Broker-Dealer Services ("ACA") would like to share its most recent newsletter with you, along with some additional useful information.
Please download the latest newsletter via the link below. This issue highlights annual compliance reminders and an overview of the final municipal advisor registration requirements. It also provides updates on financial reporting changes.
If you have questions on these topics or any other concerns, please contact your ACA compliance consultant or Dee Stafford in the Los Angeles office at (310) 322-8840.
On August 19, 2014, the U.S. Securities and Exchange Commission (“SEC” or “Commission”) announced that its Office of Compliance Inspections and Examinations (“OCIE”) will launch a “Municipal Advisor Examination Initiative” directed at newly registered municipal advisors (“MAs”). For purposes of this initiative, advisors will be considered “newly registered” if they registered with the SEC after the Commission’s final municipal advisor rules became effective on July 1, 2014.
On September 18, the SEC adopted the final municipal advisor registration requirements under Section 975 of the Dodd-Frank Act. These requirements will replace the temporary regime—implemented October 1, 2010, and set to expire December 31, 2014—that requires municipal advisors to register with the SEC and MSRB. On the same day, the SEC also adopted new Rules 15Ba1-1 through 15Ba1-8, new Rule 15Bc4-1, and new Forms MA, MA-I, MA-W, and MA-NR under the Exchange Act.
This is a reminder that SEC Rules 15Ba1-1 through 15Ba1-8 and Rule 15Bc4-1 and Forms MA, MA-I, MA-W, and MA-NR become effective on July 1, 2014, which is the start of the permanent registration regime for municipal advisors. The registration process is staggered based upon the temporary registration number received when municipal advisors initially filed Form MA-T: