Compliance Outreach Program 

for Municipal Advisors

SEC Atlanta Regional Office

November 8, 2017

Resource List

Panel 1 and Panel 2 – Fiduciary Duty/G-42 

• 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

https://www.sec.gov/rules/final/2013/34-70462.pdf

• 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 2017-08: Application of MSRB Rules to Solicitor Municipal 

Advisors

http://msrb.org/RegulatedEntities/~/media/2A05B6C4E9344BE5A4DC4354BF0080AA.ashx

• MSRB Regulatory Notice 2016-03: SEC Approves New MSRB Rule G-42 on Duties of 

Non-Solicitor 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 Interpretative Guidance: Duties of Non-Solicitor Municipal Advisors in Conduit 

Financing Scenarios (July 13, 2017)

http://msrb.org/Rules-and-Interpretations/MSRB-Rules/General/Rule-G42.aspx?tab=2#_12BEEDDD-FF77-4C78-AF0E-9067E91C6F52

• MSRB, Municipal Advisors: Understanding Standards of Conduct (April 2016)

http://www.msrb.org/msrb1/pdfs/MSRB-Rule-G-42-for-Municipal-Advisors.pdf
Panel 3 – Supervision, Registration and Books & Records

• Final Municipal Advisor Registration Rule (November 12, 

2013) https://www.gpo.gov/fdsys/pkg/FR-2013-11-12/pdf/2013-23524.pdf

• SEC, Registration of Municipal Advisors Frequently Asked Questions, Office of 

Municipal Securities (updated September 20, 2017)

https://www.sec.gov/info/municipal/mun-advisors-faqs.shtml

• SEC, Instructions for the Form MA Series 

https://www.sec.gov/about/forms/formmadata.pdf

• SEC, Registration of Municipal Advisors FAQs

https://www.sec.gov/info/municipal/mun-advisors-faqs.shtml

• EDGAR Filer Website 

https://www.edgarfiling.sec.gov/Welcome/EDGARLogin.htm

• EDGAR Filer 

Management https://www.filermanagement.edgarfiling.sec.gov/Welcome/EDGARFilerMg

mtMain.htm

• EDGAR Filer Manual https://www.sec.gov/info/edgar/edmanuals.htm

• Form MA https://www.sec.gov/about/forms/formma.pdf

• Form MA-I https://www.sec.gov/about/forms/formma-i.pdf

• Form MA-NR https://www.sec.gov/about/forms/formma-nr.pdf

• Form MA-W https://www.sec.gov/about/forms/formma-w.pdf

• MSRB Rule A-12 Registration

http://msrb.org/Rules-and-Interpretations/MSRB-Rules/Administrative/Rule-A-13.aspx

• MSRB Rule G-2 Standards of Professional Qualification

http://msrb.org/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-2.aspx

• MSRB Rule G-3 Professional Qualifications Requirements

http://msrb.org/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-3.aspx
• MSRB, FAQs on Municipal Advisor Qualification Standards and Requirements (February 

2016)

http://www.msrb.org/msrb1/pdfs/FAQ-MSRB-Series-50-Exam.pdf

• MSRB Rule G-8 – Books and Records to be Made by Brokers, Dealers, and Municipal 

Securities Dealers and Municipal Advisors 

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

• MSRB Rule G-8 Customer and Municipal Advisory Client Complaint Product and 

Problem Codes Guide

http://msrb.org/Rules-and-Interpretations/MSRBRules/General/~/media/5EDE12D05038461180DF9A1F3278F5BD.ashx

• MSRB Rule G-9 – Preservation of Records 

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

• MSRB Rule G-10 – Delivery of Investor Brochure

http://msrb.org/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-10.aspx

• MSRB Rule G-20 – Gifts, Gratuities, Non-Cash Compensation and Expenses of Issuance

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

• MSRB Rule G-20 – FAQs on MSRB’s Rules Regarding Gifts, Gratuities and Non-Cash 

Compensation (December 2016) 

http://www.msrb.org/msrb1/pdfs/FAQ-MSRB-Rule-G-20.pdf 

• MSRB, Rule G-20 FAQs: Gifts, Gratuities, Non-Cash Compensation and Expenses of 

Issuance (December 2016)

http://www.msrb.org/msrb1/pdfs/FAQ-MSRB-Rule-G-20.pdf

• MSRB Rule G-37 Political Contributions and Prohibitions on Municipal Securities 

Business and Municipal Advisory Business

http://msrb.org/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-37.aspx

• MSRB, Summary of Ban on Business Provisions Under MSRB Rule G-37 

http://www.msrb.org/msrb1/pdfs/Summary-Provisions-Rule-G37.pdf
• MSRB, Rule G-37 FAQs: Political Contributions and Prohibitions on Municipal Securities 

Business 

http://www.msrb.org/Rules-and-Interpretations/MSRB-Rules/General/Rule-G37-

Frequently-Asked-Questions.aspx0

• MSRB Draft Rule G-40

http://msrb.org/en/Rules-and-Interpretations/MSRBRules/General/~/media/C46F08A3FDB6455DB4404FC5A7360B5C.ashx

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

Advisors http://www.msrb.org/Rules-and-Interpretations/MSRB-Rules/General/Rule-G44.aspx?tab=1

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

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

• MSRB, Considerations for Developing a Municipal Advisory Supervisory System and 

Compliance Program (January 2017)

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

• MSRB, Compliance Advisory for Municipal Advisors (June 2017)

http://msrb.org/RegulatedEntities/~/media/062FFCC430B74677859F196035BEC172.ashx

• MSRB Regulatory Notice 2017-10 SEC Approves Continuing Education Requirements 

for Municipal Advisory (May 17, 2017)

http://msrb.org/~/media/Files/Regulatory-Notices/Announcements/2017-10.ashx?n=1

• MSRB, FAQs on MSRB Rules on Investor and Municipal Advisory Client Education and 

Protection

http://msrb.org/Rules-and-Interpretations/MSRBRules/General/~/media/46469FB6D8444F81B63519678133ABB3.ashx

• MSRB, Information for Municipal Advisory Clients

http://msrb.org/Rules-and-Interpretations/MSRBRules/General/~/media/BC4612A03E6C4899B809503FE34E3A81.ashx
Panel 4 – Regulatory Roundtable

• SEC, OCIE, 2017 Examination Priorities (January 2017) 

https://www.sec.gov/about/offices/ocie/national-examination-program-priorities-2017.pdf

• FINRA, 2017 Examination Priorities

http://www.finra.org/industry/2017-regulatory-and-examination-priorities-letter

MSRB Educational Guidance

• MSRB Webinar: Rule G-42 Duties of Municipal Advisors

http://event.on24.com/eventRegistration/console/EventConsoleApollo.jsp?&eventid=1183

919&sessionid=1&username=&partnerref=null&format=fhaudio&mobile=false&flashs

upportedmobiledevice=false&helpcenter=false&key=0D3D611D0D1A4519BCAD5AE02

8BA92AC&text_language_id=en&playerwidth=1000&playerheight=650&overwritelobb

y=y&source=GATEWAY922950&eventuserid=181585950&contenttype=A&mediametricsessionid=146155032&m

ediametricid=1728154&usercd=181585950&mode=launch

• MSRB Webinar: Rule G-44, G-8 and G-9 Supervisory and Compliance Obligations of 

Municipal Advisors

http://event.on24.com/eventRegistration/console/EventConsoleApollo.jsp?&eventid=1125

861&sessionid=1&username=&partnerref=null&format=fhaudio&mobile=false&flashs

upportedmobiledevice=false&helpcenter=false&key=955033C12F5243C6A85FAFDBC9

C5661D&text_language_id=en&playerwidth=1000&playerheight=650&overwritelobby

=y&source=GATEWAY922950&eventuserid=181586089&contenttype=A&mediametricsessionid=146155150&m

ediametricid=1655487&usercd=181586089&mode=launch

• MSRB Webinar: Rule G-3 Professional Qualification Standards for Municipal Advisors

http://event.on24.com/eventRegistration/console/EventConsoleApollo.jsp?&eventid=1124

422&sessionid=1&username=&partnerref=null&format=fhaudio&mobile=false&flashs

upportedmobiledevice=false&helpcenter=false&key=FE9A1EF5A36F30E4E8413ECB08

B1DE7B&text_language_id=en&playerwidth=1000&playerheight=650&overwritelobby

=y&source=GATEWAY922950&eventuserid=181586277&contenttype=A&mediametricsessionid=146155308&m

ediametricid=1653602&usercd=181586277&mode=launch

• MSRB Webinar: Rule G-20 Gifts, Gratuities, Non-Cash Compensation and Expenses of 

Issuance
http://event.on24.com/eventRegistration/console/EventConsoleApollo.jsp?&eventid=1163

056&sessionid=1&username=&partnerref=null&format=fhaudio&mobile=false&flashs

upportedmobiledevice=false&helpcenter=false&key=B70CB2F2FB814DD1077A96B1D

2D5EF46&text_language_id=en&playerwidth=1000&playerheight=650&overwritelobby

=y&source=GATEWAY922950&eventuserid=181586545&contenttype=A&mediametricsessionid=146155487&m

ediametricid=1701410&usercd=181586545&mode=launch

• MSRB Webinar: Amendments to Rule G-37 Political Contributions and Prohibitions on 

Municipal Securities Business and Municipal Advisory Business

http://event.on24.com/eventRegistration/console/EventConsoleApollo.jsp?&eventid=1223

061&sessionid=1&username=&partnerref=null&format=fhaudio&mobile=false&flashs

upportedmobiledevice=false&helpcenter=false&key=D45993B75E10EF023C2168026F3

B533C&text_language_id=en&playerwidth=1000&playerheight=650&overwritelobby=y

&source=GATEWAY922950&eventuserid=181586331&contenttype=A&mediametricsessionid=146155352&m

ediametricid=1778562&usercd=181586331&mode=launch