September 18, 2018

September 18, 2018

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September 17, 2018

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Municipal Advisor Compliance Outreach Program to Be Held November 8, 2017, in Atlanta

On September 11, 2017, the Securities and Exchange Commission (SEC), Municipal Securities Rulemaking Board (MSRB), and Financial Industry Regulatory Authority (FINRA) announced that a Compliance Outreach Program will be held for municipal advisor professionals at the SEC's Atlanta, Georgia, Regional Office on November 8, 2017. The program will focus on regulatory compliance topics including fiduciary duties and practical implementation under MSRB Rule G-42, supervision, registration, and books and records. The program will conclude with a regulatory roundtable of SEC, MSRB, and FINRA staff.

This Compliance Outreach Program was announced as an open forum for municipal advisory industry professionals to discuss current compliance practices with regulators and promote a more effective compliance structure for regulatory obligations of municipal advisors. Audience questions will also be taken during the roundtable portion of the program.

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the SEC's permanent registration rules adopted in 2013, a number of banks and separately identifiable bank divisions have been required to register as municipal advisors. Banks that engage in municipal advisory activities, such as acting as financial advisors to municipal entities in structuring issues of municipal securities or providing advice with respect to municipal derivatives, are required to register as a municipal advisor. Exemptions continue to apply for banks providing advice with respect to certain specified banking products and services (such as deposit accounts, extensions of credit, or bond indenture trustee services).

Those interested in attending the program may register online. The program will also be webcast live on the day of the program.

© 2018 Jones Walker LLP


About this Author

J. Andrew Gipson, Banking and financial services lawyer, Jones Walker law firm
Special Counsel

Andy Gipson is special counsel in the firm's Banking & Financial Services Practice Group and practices from the firm's Jackson office. He focuses his practice in securities, banking, communications, and insurance regulatory law. In 2007, he was elected to the Mississippi Legislature representing District 77 in the Mississippi House of Representatives.

Mr. Gipson is a member of The Mississippi Bar and was selected as a member of Leadership Simpson County, Class of 2006–2007 and of Leadership Jackson, Class of 2003–2004. He also was elected to...