Municipal Advisor

SEC Issues Risk Alert Summarizing Results of Municipal Advisor Examination Initiative

On November 7, the SEC’s National Examination Program issued a Risk Alert providing the SEC staff’s observations after conducting over 110 examinations of municipal advisors during the Municipal Advisor Examination Initiative. Some of the key observations highlighted by the Risk Alert include:

Upcoming Rule G-44 Deadline and Municipal Advisor Compliance Outreach Highlights

This is a reminder that the deadline for MSRB Rule G-44, which requires municipal advisors to provide evidence that they have reviewed their supervisory procedures and compliance policies, is April 23, 2016. Municipal advisors must review these policies and procedures at least annually to ensure they are reasonably designed to achieve compliance with applicable rules and to make any changes as a result of the review.

Compliance Roundtable Webcast for Municipal Underwriters and Municipal Advisors

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.

Panelist include:

Tammy Tam

Principal Consultant
ACA Compliance Group

SEC Approves Creation of MSRB Supervisory and Compliance Rule G-44

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 Newsletter - December 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.

SEC Announces Municipal Advisor Exam Initiative

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.