Compliance Outreach Program 

for Municipal Advisors

Federal Reserve Bank of Philadelphia

10 Independence Mall

Philadelphia, PA 19106

February 3, 2016

Resource List

Panel 1/Panel 2: Fiduciary Duty, Municipal Advisor Conduct and Compliance Considerations

 SEC Approval Order of MSRB Rule G-42 (December 23, 2015)

https://www.sec.gov/rules/sro/msrb/2015/34-76753.pdf

 Statutory Fiduciary Duty Obligation under Section 15B of the Securities Exchange Act of 1934

http://www.msrb.org/MSRB-For/Municipal-Advisors/Securities-Exchange-Act-Section-15B.aspx

 MSRB Rule G-42 – Duties of Non-Solicitor Municipal Advisors

http://www.msrb.org/Rules-and-Interpretations/MSRBRules/General/~/link.aspx?_id=883FE79BCE8645739286DB9B675A8C6B&_z=z

 MSRB Regulatory Notice 2016-03: SEC Approves New MSRB Rule G-42 on Duties of NonSolicitor Municipal Advisors and Related Amendments to MSRB Rule G-8 (January 13, 2016)

 http://www.msrb.org/~/media/Files/Regulatory-Notices/Announcements/2016-03.ashx?n=1

MSRB Rule G-17 – Fair Dealing

http://www.msrb.org/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-17.aspx

SEC Exam Process and Expectations for Independent Municipal Advisors

 SEC OCIE/NEP’s MA Examination Initiative Press Release (August 2014)

http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370542678782

 SEC OCIE/NEP Letter to MA Registrants

http://www.sec.gov/about/offices/ocie/muni-advisor-letter-081914.pdf

 SEC OCIE/NEP Examination Brochure

http://www.sec.gov/about/offices/ocie/ocie_exambrochure.pdf

 SEC Offices and Contact Information

http://www.sec.gov/contact/addresses.htm

 SEC OCIE Offices and Contact Information with Org chart

http://www.sec.gov/about/offices/ocie/ocie_org.htm

 MSRB – Considerations for Developing a Municipal Advisory Supervisory System and Compliance 

Program with G-44

http://www.msrb.org/msrb1/pdfs/MSRB-Rule-G-44-Considerations.pdf

 MSRB – The Municipal Advisor’s Introduction to MSRB Rules

http://www.msrb.org/msrb1/pdfs/Municipal-Advisor_Introduction-to-MSRB-Rules.pdf

 MSRB – Preparing for Regulation: A Guide for Municipal Advisors

http://www.msrb.org/msrb1/pdfs/Municipal-Advisor_Preparing-for-Regulation.pdf

Networking Opportunity for Dealer Municipal Advisors

 Information about FINRA Compliance Exams, available at:

http://www.finra.org/Industry/Compliance/ComplianceExams/
Panel 3: Municipal Advisor Rules: Obligations and Implementation

 MSRB Rule A-12 – Registration

http://www.msrb.org/Rules-and-Interpretations/MSRB-Rules/Administrative/Rule-A-12.aspx

 MSRB Rule G-3 – Professional Qualification Requirements

http://www.msrb.org/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-3.aspx

 MSRB Rule G-8 – Books and Records to be Made

http://www.msrb.org/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-8.aspx

 MSRB Rule G-9 – Preservation of Records

http://www.msrb.org/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-9.aspx

 MSRB Rule G-20 – Gifts and Gratuities

http://www.msrb.org/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-20.aspx

 MSRB Rule G-44 – Supervisory and Compliance Obligations of Municipal Advisors

http://www.msrb.org/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-44.aspx

 MSRB – FAQs on Municipal Advisor Professional Qualification Standards and Requirements

http://www.msrb.org/msrb1/pdfs/MSRB-FAQ-Municipal-Advisor-Professional-Qualifications.pdf

 MSRB Regulatory Notice 2014-10: Guidance on the MSRB Municipal Advisor Registration 

Process (May 12, 2014)

http://www.msrb.org/~/media/Files/Regulatory-Notices/Announcements/2014-10.ashx?n=1

Panel 4: Examination Findings and Trends

 SEC OCIE/NEP Examination Priorities Memos

http://www.sec.gov/ocie#Section1

 FINRA Annual Regulatory and Examination Priorities Letters:

http://www.finra.org/Industry/Regulation/Guidance/CommunicationstoFirms/P122861

 MSRB 2016 Compliance Advisory for Municipal Advisors

http://www.msrb.org/msrb1/pdfs/Municipal-Advisor-2016-Compliance-Advisory.pdf

 2014 Compliance Outreach Program for Municipal Advisors

http://www.sec.gov/info/complianceoutreach-ma.shtml