Compliance Outreach Program 

for Municipal Advisors 

Federal Reserve Bank of Philadelphia 

10 Independence Mall 

Philadelphia, PA 19106 

February 3, 2016
 

Registration and Continental Breakfast (9:00 am – 10:00 am) 

Welcome and Opening Remarks (10:00 am – 10:15 am) 

Sharon Binger, Regional Director, Philadelphia Regional Office, SEC 

Michael Solomon, Senior Vice President, Senior Regional Director, FINRA 

Robert Fippinger, Chief Legal Officer, MSRB 

Panel 1: Fiduciary Duty and Municipal Advisor Conduct (10:15 am – 11:15 am) 

This panel focuses on a municipal advisor’s statutory fiduciary duty under Section 15B of the Securities 

Exchange Act of 1934 and the core standards of conduct, obligations and prohibitions for non-solicitor 

municipal advisors under MSRB Rule G-42. The panelists will also review the duty of fair dealing under 

MSRB Rule G-17. 

Bonnie Bowes, Associate Director, Fixed Income Regulation, FINRA (moderator) 

Mark Zehner, Deputy Chief MSPPU, Division of Enforcement, SEC 

Michael L. Post, General Counsel-Regulatory Affairs, MSRB 

Break (11:15 am – 11:20 am) 

Panel 2: Municipal Advisor Fiduciary Duty Compliance Considerations (11:20 am – 12:30 pm) 

Industry practitioners discuss compliance strategies and best practices for meeting their statutory 

obligations and for gearing up to meet their regulatory obligations outlined in MSRB Rule G-42. 

Bonnie Bowes, Associate Director, Fixed Income Regulation, FINRA (moderator) 

Shelley Aronson, President, First River Advisory LLC
 

Jeffrey Smith, President, Municipal Solutions
 

Ted Sobel, Managing Director, Head of Municipal Finance, Samuel A. Ramirez & Co, Inc
 

Lunch on your own (12:30 pm – 2:00 pm) 

Optional Lunchtime Sessions 

	 Networking Opportunity for Dealer Municipal Advisors with FINRA District 

Staff from Philadelphia, New York, Chicago, and New Orleans 

(12:30 pm - 2:00 pm) 

	 SEC Exam Process and Expectations for Independent Municipal Advisors 

(1:00 pm – 2:00 pm) 

Cori Shepherd, Attorney-Advisor, Office of Municipal Securities, SEC (moderator) 

Nadine Sophia Evans, Senior Specialized Examiner, OCIE/BD, SEC 

Robert Miller, Supervisory Attorney/Examination Manager, OCIE/BD, SEC 

Carl Tugberk, Assistant General Counsel, MSRB 

Leo Karwejna, Chief Compliance Officer, Public Financial Management, Inc 
 

 

Panel 3: Municipal Advisor Rules: Obligations and Implementation (2:00 pm – 3:10 pm) 

This panel provides an overview of the MSRB’s municipal advisor rulemaking activity and a discussion 

of compliance considerations related to MSRB Rule A-12 (Registration), MSRB Rule G-3 (Professional 

Qualification Requirements), MSRB Rules G-8 and G-9 (Books and Records to be Made and Preserved), 

MSRB Rule G-20 (Gifts and Gratuities), and MSRB Rule G-44 (Supervisory and Compliance Obligations 

of Municipal Advisors). 

Rebecca Olsen, Deputy Director, Office of Municipal Securities, SEC (moderator) 

Gene Davis, Regulatory Principal, New Orleans District Office, FINRA 

Carl Tugberk, Assistant General Counsel, MSRB 

Scott Beardsley, Executive Managing Director, Crews & Associates, Inc
 

Marianne Edmonds, Senior Managing Director, Public Resources Advisory Group
 

Break (3:10 pm- 3:15pm) 

Panel 4: Examination Findings and Trends (3:15 pm – 4:30 pm) 

Staffs of the SEC and FINRA discuss common examination deficiencies and trends. Industry 

practitioners discuss how firms are meeting their compliance and regulatory obligations. 

Gail Marshall, Associate General Counsel-Enforcement Coordination, MSRB (moderator) 

Cesar Davis, Staff Accountant, Philadelphia Regional Office, OCIE, SEC 

Robert Hartman, Staff Accountant, OCIE/BD, SEC 

Steve Kach, Examination Manager, Philadelphia District Office, FINRA 

Kelli Palmer, Examination Manager, Chicago District Office, FINRA 

Closing Remarks (4:30 pm) 

Jessica Kane, Director, Office of Municipal Securities, SEC 

Cynthia Friedlander, Director, Fixed Income Regulation, FINRA 

Michael L. Post, General Counsel-Regulatory Affairs, MSRB