# EDGAR Filing Document

**Accession Number:** 0001773083
**File Stem:** 0001773083-23-000005
**Filing Date:** 2023-3
**Character Count:** 18653
**Document Hash:** 9ae9395f30c7f82da74c6035d47b31f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001773083-23-000005.hdr.sgml**: 20230403

**ACCESSION NUMBER**: 0001773083-23-000005

**CONFORMED SUBMISSION TYPE**: MA-A

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230403

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PMA Securities, LLC
- **CENTRAL INDEX KEY:** 0001773083
- **IRS NUMBER:** 363820241
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** MA-A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 867-02456
- **FILM NUMBER:** 23791109

**BUSINESS ADDRESS:**
- **STREET 1:** 2135 CITYGATE LANE
- **STREET 2:** 7TH FLOOR
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563
- **BUSINESS PHONE:** 630-657-6400

**MAIL ADDRESS:**
- **STREET 1:** 2135 CITYGATE LANE
- **STREET 2:** 7TH FLOOR
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM MA: UNIFORM APPLICATION FOR MUNICIPAL ADVISOR REGISTRATION

### Filer and Contact Information

**Filer CIK:** 0001773083

**Filer CCC:** XXXXXXXX

**Contact Name:** Kevin Kulling

**Contact Phone:** 630-657-6400

**Contact Email:** kkulling@pmanetwork.com

**Notification Emails:** lragus@pmanetwork.com

### Type of Filing

**Selected Filing Type:** Annual Update

### Item 1: Identifying Information

**A. Full Legal Name of the Firm:** PMA Securities, LLC

**&nbsp;&nbsp;&nbsp;Organization CRD No.:** 30397

**&nbsp;&nbsp;&nbsp;Is applicant a Sole Proprietor?:** No

**&nbsp;&nbsp;&nbsp;Has the municipal legal name changed since the last filing?:** No

**&nbsp;&nbsp;&nbsp;Has the applicant had any previous DBA names?:** No

**&nbsp;&nbsp;&nbsp;Does the applicant have any additional DBA names?:** No

**C. IRS Employer Identification Number:** 36-3820241

**D. Registrations:**

- **Municipal Advisor:** SEC File No: 867-02456

- **Broker-Dealer:** SEC File No: 008-44905, CRD No: 30397

**E. Principal Office and Place of Business:** 2135 CITYGATE LANE, 7TH FLOOR, NAPERVILLE, IL, 60563

**Telephone Number:** 630-657-6400

**Additional Offices of Employment:**

- **Office #1 (Add):** 770 N. Jefferson Street, Suite 200, Milwaukee, WI, 53202 | Phone: 414-225-0099

- **Office #2 (Add):** 5298 Kyler Avenue NE, 2nd Floor, Albertville, MN, 55301 | Phone: 763-497-1490

- **Office #3 (Add):** 7380 Sand Lake Rd., Suite 650, Orlando, FL, 32819 | Phone: 407-698-3001

- **Office #4 (Add):** 2101 Oregon Pike, Suite 200, Lancaster, PA, 17601 | Phone: 717-519-5900

- **Office #5 (Add):**  | Phone: 618-604-7677

**Mailing Address is Different from Principal Office:** No

**F. Website:** www.pmanetwork.com

**G. Chief Compliance Officer (CCO):**

**Name:** Lori Ann Ragus

**Titles:** General Counsel/Secretary

**Address:** 2135 CityGate Lane, 7th Floor, Naperville, IL, 60563

**Phone Number:** 630-657-6400

**Email:** lragus@pmanetwork.com

**H. Business Affiliates:**

- **Name:** Prudent Man Advisors, LLC d/b/a PMA Asset Management, LLC

  - **Issuing Agency:** U.S. Securities and Exchange Commission

  - **Jurisdiction:** 

- **Name:** Estancia Capital Management, LLC

  - **Issuing Agency:** U.S. Securities and Exchange Commission

  - **Jurisdiction:** 

- **Name:** Estancia GP, LLC

- **Name:** Snowden Capital Advisors, LLC

  - **Issuing Agency:** U.S. Securities and Exchange Commission

  - **Jurisdiction:** 

- **Name:** Snowden Insurance Services, LLC

- **Name:** Sapience Investments, LLC

  - **Issuing Agency:** U.S. Securities and Exchange Commission

  - **Jurisdiction:** 

- **Name:** Snowden Account Services, LLC

  - **Issuing Agency:** U.S. Securities and Exchange Commission

  - **Jurisdiction:** 

- **Name:** Abel Noser, LLC

  - **Issuing Agency:** U.S. Securities and Exchange Commission

  - **Jurisdiction:** 

- **Name:** North Square Investments, LLC

  - **Issuing Agency:** U.S. Securities and Exchange Commission

  - **Jurisdiction:** 

- **Name:** Estancia GP II, LP

- **Name:** CSM Advisors, LLC d/b/a CS MCKEE

  - **Issuing Agency:** U.S. Securities and Exchange Commission

  - **Jurisdiction:** 

- **Name:** Geneva Capital Management LLC

  - **Issuing Agency:** U.S. Securities and Exchange Commission

  - **Jurisdiction:** 

- **Name:** Abel Noser Solutions, LLC, d/b/a Zeno AN Solutions

  - **Issuing Agency:** U.S. Securities and Exchange Commission

  - **Jurisdiction:** 

- **Name:** Estancia UGP II

- **Name:** NSI Retail Advisors, LLC

  - **Issuing Agency:** U.S. Securities and Exchange Commission

  - **Jurisdiction:** 

**I. Location of Books and Records:** Yes

### Item 2: Form of Organization

**A. Applicant's form of organization:** Limited Liability Company (LLC)

**B. Month of Applicant's Annual Fiscal Year End:** December

**C. State, Other U.S. Jurisdiction, or Foreign Jurisdiction Under Which Applicant is Organized:** IL

**D. Date of Organization:** 03-26-2019

**E. Is the applicant a public reporting company?:** No

### Item 3: Successions

**Is the applicant succeeding to the business of a registered municipal advisor?** No

### Item 4: Information About Applicant's Business

**A. Number of Employees:** 92

**B. Municipal Advisory Activities - Employees:** 63

**C. Registered Representatives - MAA Employees also registered reps of a broker-dealer:** 55

**&nbsp;&nbsp;&nbsp;MAA Employees also associated with an investment adviser:** 19

**D. Public Relations Company?:** No

**E. Soliciting on Behalf of an Affiliate - Number of firms:** 0

**F. Types of Clients - Number of clients served as municipal advisor:** 1221

**&nbsp;&nbsp;&nbsp;Types of Clients:** Municipal Entities, Other

**G. Solicitation of Municipal Entities and Obligated Persons - Municipal Entities:** 0

**&nbsp;&nbsp;&nbsp;Obligated Persons:** 0

**&nbsp;&nbsp;&nbsp;Total Solicited:** 0

**H. Types of Persons Solicited:** 
Not Applicable
, Not Applicable

**I. Compensation Arrangements (Municipal Advisory):** 
Hourly Charges
Fixed Fees
Contingent Fees
, Hourly Charges, Fixed Fees, Contingent Fees

**J. Compensation Arrangements (Solicitation):** 
Not Applicable
, Not Applicable

**K. Does the applicant receive compensation in the context of its municipal advisory business from other than its municipal entity or obligated person clients?:** No

**L. Applicant Business Relating to Municipal Securities:** Advice Insurance Of MS, Advice Investment Of Proceeds MS, Advice ME Investments, Advice ME Other Investments, Advice Guaranteed IC, Advice Use Of MD, Advice On Selection, Other

### Item 5: Other Business Activities

- **Broker-Dealer:** Actively Engaged: Yes, Primary Business: Yes

**Is applicant engaged in any other non-municipal advisor business?** No

### Item 6: Financial Industry and Other Activities of Associated Persons

**Types of associated persons:** Broker-dealer municipal securities dealer or government securities broker or dealer, Investment Adviser, Insurance company or agency, Sponsor or syndicator of limited partnerships, Investment Adviser, Investment Adviser, Investment Adviser, Investment Adviser, Investment Adviser, Investment Adviser, Investment Adviser, Investment Adviser, Investment Adviser, Investment Adviser, Sponsor or syndicator of limited partnerships, Sponsor or syndicator of limited partnerships, Investment Adviser, Broker-dealer municipal securities dealer or government securities broker or dealer, Investment Adviser, Investment Adviser, Investment Adviser, Insurance company or agency, Investment Adviser, Investment Adviser, Investment Adviser, Investment Adviser, Investment Adviser, Investment Adviser, Sponsor or syndicator of limited partnerships, Broker-dealer municipal securities dealer or government securities broker or dealer, Investment Adviser, Investment Adviser, Investment Adviser, Investment Adviser, Investment Adviser, Investment Adviser, Investment Adviser, Investment Adviser, Investment Adviser, Investment Adviser

**Total Associated Persons:** 34

### Item 7: Participation or Interest in Client Transactions

- **Buy or sell municipal securities from or to municipal advisory clients for the firm's own account?:** No

- **Buy or sell municipal securities from or to third-parties on behalf of clients?:** Yes

- **Enter into derivatives transactions with clients for the firm's own account?:** No

- **Recommend to clients to buy/sell securities in which the firm has a financial interest?:** No

- **Recommend to clients products/services of an affiliated person?:** No

- **Recommend to clients securities of an issuer with which the firm has other relationships?:** No

- **Have discretionary authority to buy/sell municipal securities for clients?:** No

- **Have discretionary authority to buy/sell any other securities or investments for clients?:** No

- **Have discretionary authority to determine the broker-dealer to be used for client transactions?:** No

- **Have discretionary authority to determine the commission paid to a broker-dealer?:** No

- **Recommend broker-dealers to clients?:** Yes

- **&nbsp;&nbsp;&nbsp;If yes, are any of these broker-dealers an associated person of the applicant?:** Yes

- **Compensate any person for client referrals?:** No

- **Receive compensation from any person for client referrals?:** No

### Item 8: Owners, Officers, and Other Control Persons

**A. (2) Does any person not named in Item 1-A or Schedules A, B, or C, directly or indirectly, control the applicant's management or policies?** No

**B. (1) Is any person in Schedule A, B, or C, or in Section 8-A of Schedule D a public reporting company?** No

### Item 9: Disclosure Information

**Criminal Disclosure:**

- **Applicant/Advisory Affiliate Convicted/Pled Guilty to Felony?:** No

- **Applicant/Advisory Affiliate Charged with Felony?:** No

- **Organization Convicted/Pled Guilty to Felony?:** No

- **Organization Charged with Felony?:** No

**Regulatory Disclosure:**

- **SEC/CFTC Found False Statement?:** No

- **SEC/CFTC Found Violation?:** No

- **SEC/CFTC Found Cause of Denial/Suspension?:** No

- **SEC/CFTC Entered Order?:** No

- **SEC/CFTC Imposed Civil Penalty?:** No

- **SRO Found Unethical Conduct?:** No

- **SRO Found Violation?:** No

- **SRO Found Cause of Denial/Suspension?:** No

- **SRO Barred/Suspended/Fined > $2,500?:** No

- **SRO Denied/Suspended/Revoked Registration?:** No

- **Foreign Authority Found False Statement?:** No

- **Foreign Authority Found Violation?:** No

- **Foreign Authority Found Cause of Suspension?:** No

- **Foreign Authority Disciplined?:** No

- **Authorization to Act as Attorney/Accountant Revoked?:** No

- **Subject of a Regulatory Complaint?:** No

**Civil Disclosure:**

- **Enjoined in Connection with Municipal Advisory Activity?:** No

- **Found to Have Violated Regulations?:** No

- **Civil Proceeding Dismissed Pursuant to Settlement?:** No

- **Named in Civil Proceeding Alleging Violation?:** No

### Item 10: Small Businesses

**Does the applicant have annual receipts of less than $7,000,000?** No

**Is the applicant affiliated with a person that has annual receipts of more than $7,000,000?** Yes

### Schedule A: Direct Owners and Executive Officers

| Name                 | Title/Status                                       | Date Acquired   | Ownership Code    | Control Person?   | IRS Number   | CRD Number   |
|:---|:---|:---|:---|:---|:---|:---|
| PMA Acquisition, LLC | Member                                             | 04-02-2019      | E - 75% or more   | Yes               | 83-2194906   |  |
| James O'Neill Davis  | Chief Executive Officer                            | 03-19-2012      | NA - less than 5% | Yes               |  | 2660454      |
| Jonathan Ray Martens | Financial and Operations Principal                 | 10-10-2012      | NA - less than 5% | No                |  | 4593466      |
| Lori Ann Ragus       | General Counsel/Chief Compliance Officer/Secretary | 12-23-2010      | NA - less than 5% | Yes               |  | 5754738      |

### Schedule B: Indirect Owners

| Owning Entity                           | Name                                   | Title/Status      | Date Acquired   | Ownership Code                                          | Control Person?   | IRS Number   |
|:---|:---|:---|:---|:---|:---|:---|
| Estancia Fund II PMA Aggregator, LLC    | Estancia Capital Partners Fund II, L.P | Member            | 01-02-2018      | E - 75% or more                                         | Yes               | 83-5361023   |
| PMA Equity Aggregator, LLC              | Estancia Fund II PMA Aggregator, LLC   | Managing Member   | 10-01-2018      | C - 25% but less than 50%                               | Yes               | 83-2243307   |
| Estancia Capital Partners Fund II, L.P. | Estancia GP II, L.P.                   | General Partner   | 01-02-2018      | F - Other (general partner, trustee, or elected member) | Yes               | 82-5347252   |
| Estancia GP II, LP                      | Estancia UGP II, LLC                   | General Partner   | 01-02-2018      | F - Other (general partner, trustee, or elected member) | Yes               | 82-5340192   |
| PMA Parent Holdings, LLC                | PMA Equity Aggregator LLC              | Member            | 10-02-2018      | E - 75% or more                                         | Yes               | 83-2229508   |
| PMA Acquisition, LLC                    | PMA Intermediate Holdings, LLC         | Member            | 10-02-2018      | E - 75% or more                                         | Yes               | 83-2204671   |
| PMA Intermediate Holdings, LLC          | PMA Parent Holdings, LLC               | Member            | 10-02-2018      | E - 75% or more                                         | Yes               | 83-2216209   |
| Estancia UGP II, LLC                    | Danny Allan Kang                       | Managing Director | 01-02-2018      | F - Other (general partner, trustee, or elected member) | Yes               |  |
| Estancia UGP II, LLC                    | Michael Casares Mendez                 | Managing Director | 01-02-2018      | F - Other (general partner, trustee, or elected member) | Yes               |  |
| Estancia UGP II, LLC                    | Takashi Bayard Moriuchi                | Managing Director | 01-02-2018      | F - Other (general partner, trustee, or elected member) | Yes               |  |

### Schedule C: Amendments to Schedules A and B

| Type   | Ownership   | Owning Entity                           | Name                                   | Title/Status                                       | Date Acquired   | Ownership Code                                          | Control Person?   | IRS Number   | CRD Number   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Direct      |  | PMA Acquisition, LLC                   | Member                                             | 04-02-2019      | E - 75% or more                                         | Yes               | 83-2194906   |  |
|  | Indirect    | Estancia Fund II PMA Aggregator, LLC    | Estancia Capital Partners Fund II, L.P | Member                                             | 01-02-2018      | E - 75% or more                                         | Yes               | 83-5361023   |  |
|  | Indirect    | PMA Equity Aggregator, LLC              | Estancia Fund II PMA Aggregator, LLC   | Managing Member                                    | 10-01-2018      | C - 25% but less than 50%                               | Yes               | 83-2243307   |  |
|  | Indirect    | Estancia Capital Partners Fund II, L.P. | Estancia GP II, L.P.                   | General Partner                                    | 01-02-2018      | F - Other (general partner, trustee, or elected member) | Yes               | 82-5347252   |  |
|  | Indirect    | Estancia GP II, LP                      | Estancia UGP II, LLC                   | General Partner                                    | 01-02-2018      | F - Other (general partner, trustee, or elected member) | Yes               | 82-5340192   |  |
|  | Indirect    | PMA Parent Holdings, LLC                | PMA Equity Aggregator LLC              | Member                                             | 10-02-2018      | E - 75% or more                                         | Yes               | 83-2229508   |  |
|  | Indirect    | PMA Acquisition, LLC                    | PMA Intermediate Holdings, LLC         | Member                                             | 10-02-2018      | E - 75% or more                                         | Yes               | 83-2204671   |  |
|  | Indirect    | PMA Intermediate Holdings, LLC          | PMA Parent Holdings, LLC               | Member                                             | 10-02-2018      | E - 75% or more                                         | Yes               | 83-2216209   |  |
|  | Direct      |  | James O'Neill Davis                    | Chief Executive Officer                            | 03-19-2012      | NA - less than 5%                                       | Yes               |  | 2660454      |
|  | Direct      |  | Jonathan Ray Martens                   | Financial and Operations Principal                 | 10-10-2012      | NA - less than 5%                                       | No                |  | 4593466      |
|  | Direct      |  | Lori Ann Ragus                         | General Counsel/Chief Compliance Officer/Secretary | 12-23-2010      | NA - less than 5%                                       | Yes               |  | 5754738      |
|  | Indirect    | Estancia UGP II, LLC                    | Danny Allan Kang                       | Managing Director                                  | 01-02-2018      | F - Other (general partner, trustee, or elected member) | Yes               |  | 2680496      |
|  | Indirect    | Estancia UGP II, LLC                    | Michael Casares Mendez                 | Managing Director                                  | 01-02-2018      | F - Other (general partner, trustee, or elected member) | Yes               |  | 2273279      |
|  | Indirect    | Estancia UGP II, LLC                    | Takashi Bayard Moriuchi                | Managing Director                                  | 01-02-2018      | F - Other (general partner, trustee, or elected member) | Yes               |  | 2813291      |

### Execution Page

**Signature:** Kevin Kulling

**Signer Name:** Kevin Kulling

**Title:** Deputy Chief Compliance Officer

**Date:** 03-30-2023

**CRD Number:** 30397