# EDGAR Filing Document

**Accession Number:** 0000724391
**File Stem:** 0000724391-26-000011
**Filing Date:** 2026-3
**Character Count:** 17231
**Document Hash:** 82ff0accbb4f00376df5759e9fcafcd5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000724391-26-000011.hdr.sgml**: 20260318

**ACCESSION NUMBER**: 0000724391-26-000011

**CONFORMED SUBMISSION TYPE**: MA-A

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260318

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KEYBANC CAPITAL MARKETS INC.
- **CENTRAL INDEX KEY:** 0000724391

**ORGANIZATION NAME:**
- **EIN:** 341391952
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** MA-A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 867-02341
- **FILM NUMBER:** 26765439

**BUSINESS ADDRESS:**
- **STREET 1:** 127 PUBLIC SQUARE
- **CITY:** CLEVELAND
- **STATE:** OH
- **ZIP:** 44114
- **BUSINESS PHONE:** 216-689-0358

**MAIL ADDRESS:**
- **STREET 1:** 127 PUBLIC SQUARE
- **STREET 2:** 800 SUPERIOR AVENUE
- **CITY:** CLEVELAND
- **STATE:** OH
- **ZIP:** 44114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MCDONALD INVESTMENTS INC.
- **DATE OF NAME CHANGE:** 20020603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MCDONALD INVESTMENTS INC                                /BD
- **DATE OF NAME CHANGE:** 20020603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MCDONALD & CO SECURITIES INC                            /BD
- **DATE OF NAME CHANGE:** 19981113

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

## FORM MA: UNIFORM APPLICATION FOR MUNICIPAL ADVISOR REGISTRATION

### Filer and Contact Information

**Filer CIK:** 0000724391

**Filer CCC:** XXXXXXXX

**Contact Name:** Janet Burns

**Contact Phone:** 216-689-0358

**Contact Email:** jburns@key.com

**Notification Emails:** jburns@key.com

### Type of Filing

**Selected Filing Type:** Annual Update

### Item 1: Identifying Information

**A. Full Legal Name of the Firm:** KEYBANC CAPITAL MARKETS INC.

**&nbsp;&nbsp;&nbsp;Organization CRD No.:** 566

**&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:** 34-1391952

**D. Registrations:**

- **Municipal Advisor:** SEC File No: 867-02341

- **Broker-Dealer:** SEC File No: 008-30177, CRD No: 566

- **SEC-Registered Investment Adviser:** CRD No: 326557

- **Other:** Description: NFA (for Commodity Trading Advisor), ID: 0250703

**Additional Registrations:**

- **FINRA:** 566

- **MSRB:** A0953

**E. Principal Office and Place of Business:** 127 PUBLIC SQUARE, OH-01-27-0861, CLEVELAND, OH, 44114

**Telephone Number:** 216-689-5430

**Additional Offices of Employment:**

- **Office #1 (Add):** 1301 Avenue of the Americas, Suite 3700, New York, NY, 10019 | Phone: 212-476-7456

- **Office #2 (Add):** One California Street, San Francisco, CA, 94111 | Phone: 415-733-2460

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

**F. Website:** www.key.com

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

**Name:** William Patrick Hayden

**Address:** 127 Public Square, Cleveland, OH, 44114

**Phone Number:** 216-689-0803

**Email:** william.hayden@key.com

**H. Business Affiliates:**

- **Name:** KeyCorp

**I. Location of Books and Records:** No

### Item 2: Form of Organization

**A. Applicant's form of organization:** Corporation

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

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

**D. Date of Organization:** 05-18-1983

**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:** 756

**B. Municipal Advisory Activities - Employees:** 32

**C. Registered Representatives - MAA Employees also registered reps of a broker-dealer:** 32

**&nbsp;&nbsp;&nbsp;MAA Employees also associated with an investment adviser:** 0

**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:** 4

**&nbsp;&nbsp;&nbsp;Types of Clients:** Non-profit organizations

**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):** 
Fixed Fees
Contingent Fees
, 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?:** Yes

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

### Item 5: Other Business Activities

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

- **Investment Advisor:** Actively Engaged: Yes, Primary Business: —

**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, Swap Dealer, Commodity trading advisor, Banking/Thrift institution, Real estate broker or dealer, Investment Adviser, Broker-dealer municipal securities dealer or government securities broker or dealer, Investment Adviser, Banking/Thrift institution, Other municipal advisor, Broker-dealer municipal securities dealer or government securities broker or dealer, Commodity trading advisor, Banking/Thrift institution, Broker-dealer municipal securities dealer or government securities broker or dealer, Swap Dealer, Commodity trading advisor, Broker-dealer municipal securities dealer or government securities broker or dealer, Swap Dealer, Commodity trading advisor, Banking/Thrift institution, Broker-dealer municipal securities dealer or government securities broker or dealer, Commodity trading advisor, Broker-dealer municipal securities dealer or government securities broker or dealer, Swap Dealer, Commodity trading advisor, Banking/Thrift institution, Broker-dealer municipal securities dealer or government securities broker or dealer, Broker-dealer municipal securities dealer or government securities broker or dealer

**Total Associated Persons:** 10

### 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?:** No

- **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?:** Yes

- **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?:** No

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

- **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?:** Yes

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

- **SEC/CFTC Entered Order?:** Yes

- **SEC/CFTC Imposed Civil Penalty?:** Yes

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

- **SRO Found Violation?:** Yes

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

- **SRO Barred/Suspended/Fined > $2,500?:** Yes

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

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

- **Foreign Authority Found Violation?:** Yes

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

- **Foreign Authority Disciplined?:** Yes

- **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?** No

### Schedule A: Direct Owners and Executive Officers

| Name                     | Title/Status                                                          | Date Acquired   | Ownership Code    | Control Person?   | IRS Number   | CRD Number   |
|:---|:---|:---|:---|:---|:---|:---|
| Keycorp                  | Sole Shareholder                                                      | 10-01-1998      | E - 75% or more   | Yes               | 34-6542451   |  |
| Andrew Jackson Paine III | Managing Director, Director, Head of Corporate and Investment Banking | 05-01-2010      | NA - less than 5% | Yes               |  | 2450522      |
| Mark Allan Kovachick     | Chief Financial Officer, Director                                     | 01-01-2012      | NA - less than 5% | Yes               |  | 5390571      |
| Douglas William Preiser  | Chief Executive Officer, Director                                     | 01-01-2006      | NA - less than 5% | Yes               |  | 1690776      |
| William Patrick Hayden   | Chief Compliance Officer                                              | 03-01-2013      | NA - less than 5% | Yes               |  | 4136632      |
| Paula Marie Janofsky     | Chief Operations Officer, Director                                    | 07-01-2008      | NA - less than 5% | Yes               |  | 2882776      |

### 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      |  | Keycorp                  | Sole Shareholder                                                      | 10-01-1998      | E - 75% or more   | Yes               | 34-6542451   |  |
|  | Direct      |  | Andrew Jackson Paine III | Managing Director, Director, Head of Corporate and Investment Banking | 05-01-2010      | NA - less than 5% | Yes               |  | 2450522      |
|  | Direct      |  | Mark Allan Kovachick     | Chief Financial Officer, Director                                     | 01-01-2012      | NA - less than 5% | Yes               |  | 5390571      |
|  | Direct      |  | Douglas William Preiser  | Chief Executive Officer, Director                                     | 01-01-2006      | NA - less than 5% | Yes               |  | 1690776      |
|  | Direct      |  | William Patrick Hayden   | Chief Compliance Officer                                              | 03-01-2013      | NA - less than 5% | Yes               |  | 4136632      |
|  | Direct      |  | Paula Marie Janofsky     | Chief Operations Officer, Director                                    | 07-01-2008      | NA - less than 5% | Yes               |  | 2882776      |

### Disclosure Reporting Pages (DRPs)

**Regulatory DRP for: Applicant (Responding to Questions: 9-C4)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Keybanc Capital Markets Inc.

- **CRD Number:** 566

- **Disclosure Number:** 1869926

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for KeyBanc Capital Markets Inc.

- **CRD Number:** 566

- **Disclosure Number:** 1936781

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for KeyBanc Capital Markets Inc.

- **CRD Number:** 566

- **Disclosure Number:** 1897889

**Regulatory DRP for: Applicant (Responding to Questions: 9-C4)**

- **Filed On (Applicant):** Form ADV/BD/U4 for KeyBanc Capital Markets Inc.

- **CRD Number:** 566

- **Disclosure Number:** 1864359

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for KeyBanc Capital Markets Inc.

- **CRD Number:** 566

- **Disclosure Number:** 1673695

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for KeyBanc Capital Markets Inc.

- **CRD Number:** 566

- **Disclosure Number:** 1644830

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for KeyBanc Capital Markets Inc.

- **CRD Number:** 566

- **Disclosure Number:** 1611193

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for KeyBanc Capital Markets Inc.

- **CRD Number:** 566

- **Disclosure Number:** 1597239

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for KeyBanc Capital Markets Inc.

- **CRD Number:** 566

- **Disclosure Number:** 1540875

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for KeyBanc Capital Markets Inc.

- **CRD Number:** 566

- **Disclosure Number:** 1538168

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for KeyBanc Capital Markets Inc.

- **CRD Number:** 566

- **Disclosure Number:** 1534458

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for KeyBanc Capital Markets Inc.

- **CRD Number:** 566

- **Disclosure Number:** 1466466

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for KeyBanc Capital Markets Inc.

- **CRD Number:** 566

- **Disclosure Number:** 1388888

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

  - **Associated Person:** —

  - **CRD Number:** 566

  - **Filed On (AP):** Form ADV/BD/U4 for KeyBanc Capital Markets Inc.

  - **Disclosure Number:** 2064700

**Regulatory DRP for: Applicant (Responding to Questions: 9-C2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for KeyBanc Capital Markets Inc.

- **CRD Number:** 566

- **Disclosure Number:** 1954282

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

  - **Associated Person:** —

  - **CRD Number:** 566

  - **Filed On (AP):** Form ADV/BD/U4 for KeyBanc Capital Markets Inc.

  - **Disclosure Number:** 1865619

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2, 9-D4, 9-E2, 9-E4)**

- **Filed On (Applicant):** Form ADV/BD/U4 for KeyBanc Capital Markets Inc.

- **CRD Number:** 566

- **Disclosure Number:** 1723446

**Regulatory DRP for: Applicant (Responding to Questions: 9-E4)**

  - **Associated Person:** Scott Edwards Sandbo

  - **CRD Number:** 2410092

  - **Filed On (AP):** Form ADV/BD/U4 for KeyBanc Capital Markets Inc.

  - **Disclosure Number:** 1782071

**Regulatory DRP for: Applicant (Responding to Questions: 9-C2, 9-C5, 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for KEYBANC CAPITAL MARKETS INC

- **CRD Number:** 566

- **Disclosure Number:** 2261131

**Regulatory DRP for: Applicant (Responding to Questions: 9-C2, 9-C4, 9-C5)**

- **Filed On (Applicant):** Form ADV/BD/U4 for KEYBANC CAPITAL MARKETS

- **CRD Number:** 566

- **Disclosure Number:** 2321724

### Execution Page

**Signature:** Janet C Burns

**Signer Name:** JANET C BURNS

**Title:** DIRECTOR, RISK AND CONTROLS

**Date:** 03-04-2026