Compliance Outreach Program for Municipal Advisors: A Unified Approach from SEC, MSRB, and FINRA

The SEC, MSRB and FINRA will be hosting a Compliance Outreach Program for Municipal Advisors and Dealers. The program is intended to help these participants learn about timely regulatory and compliance issues in the municipal market. Topics discussed will include concerns about small firms' practices, credit rating agency compliance, unregistered municipal advisory activities, pricing compliance and an overview of current enforcement and regulatory priorities. Dave Sanchez from the SEC's Office of Municipal Securities appreciates the chance to speak jointly with the public about the rules and regulations of the industry. Ernesto Lanza from the MSRB said he welcomed open dialogue between stakeholders and regulators to create understandings of the rules in place protecting municipal securities. Yolanda Trottman-Adewumi from FINRA expressed similar joy at the prospect of aiding participants' understanding of their compliance obligations. The virtual event will take place in 2023.