Skip to main content

Company Filings

SEC Emblem
U.S. Securities and
Exchange Commission
  • About
    • Careers
    • Commissioners
    • Contact
    • Reports and Publications
    • Securities Laws
    • What We Do
  • Divisions & Offices
    • Corporation Finance
    • Enforcement
    • Investment Management
    • Economic and Risk Analysis
    • Trading and Markets
    • Office of Administrative Law Judges
    • Examinations
    • Regional Offices
    • All Divisions and Offices
  • Enforcement
    • Litigation Releases
    • Administrative Proceedings
    • Opinions and Adjudicatory Orders
    • Accounting and Auditing
    • Trading Suspensions
    • How Investigations Work
    • Receiverships
    • Information for Harmed Investors
  • Regulation
    • Rulemaking Index
    • Proposed Rules
    • Final Rules
    • Interim Final Temporary Rules
    • Other Orders and Notices
    • Self-Regulatory Organizations
    • Staff Interpretations
  • Education
    • Investor Education
    • Capital Raising
    • Small Business
    • Glossaries
  • Filings
    • EDGAR – Search & Access
    • EDGAR – Information for Filers
    • Company Filing Search
    • How to Search EDGAR
    • Requesting Public Documents
    • Forms List
    • About EDGAR
  • News
    • Press Releases
    • Speeches and Statements
    • Spotlight Topics
    • Upcoming Events
    • Webcasts
    • SEC in the News
    • SEC Videos
    • Media Gallery

User account menu

  • Log in
  • U.S. Securities and Exchange Commission
    • Divisions & Offices
    • Enforcement
    • Regulation
    • Education
    • Filings
    • Newsroom
  • Newsroom
    • Press Releases
    • Public Statements
    • Speehes
    • Testimony
  • RSS Feeds
    • Press Releases
    • Public Statements
    • Speeches
    • Testimony
  • Social Media
    • @SEC_News
    • SEC Channel
    • SEC Photostream

Compliance Outreach Program for Municipal Advisors

August 13, 2020

Welcome and Program Preview (1:00pm – 1:05pm)

  • Welcome – Ahmed Abonamah, Deputy Director, Office of Municipal Securities, SEC
  • Webcast Overview – Leah Szarek, Director of Communications, MSRB  

Panel 1: Fiduciary Duty, Fair Dealing and Managing Conflicts of Interest (1:05pm – 1:40pm)

This panel will focus on the standards of conduct of municipal advisors under their statutory fiduciary duty obligation as well as their obligations under MSRB Rules G-42 and G-17, including with respect to third-party recommendations and conflicts of interest.  Panelists will also discuss the recent temporary conditional exemption for certain direct placement activities.

Moderator: Michael Nouri, Lead Principal Analyst, Fixed Income Regulation, FINRA

Panelists:

  • Gail Marshall, Chief Compliance Officer, MSRB
  • Emily Hanson Santana, Attorney-Adviser, Office of Municipal Securities, SEC

Panel 2: Regulatory Obligations of Operating as a Municipal Advisor (1:40pm – 2:15pm)

This panel will focus on the regulatory obligations relating to operating as a municipal advisor.  While touching on core supervisory, recordkeeping, filing and qualifications requirements that sometimes trip up municipal advisors, this panel will primarily focus on municipal advisory engagements outside of the typical scenario, such as dual-registered municipal advisors and engagements involving both municipal advisory and non-municipal advisory activities (e.g., exemptions, exclusions, and whether there is a municipal security).

Moderator/Panelist: Saliha Olgun, Director, Market Regulation, MSRB

Panelists:

  • Philip Gutman, Senior Principal Risk Specialist, Member Supervision, FINRA
  • Ernesto Lanza, Attorney-Adviser, Office of Municipal Securities, SEC

Panel 3: SEC and FINRA Examination and Enforcement (2:15pm – 3:00pm)

Panelists, including exam staff from SEC and FINRA, will review common examination findings and recent enforcement actions and investigations.  Staff will also briefly discuss what to expect before, during and after a compliance exam with any differences between the exam practices of the various regulators.

Moderator: Bri Joiner, Director, Professional Qualifications, MSRB

Panelists:

  • Aaron Pabst, Senior Staff Accountant-BDX (FWRO), SEC
  • Gene Davis, Director, Member Supervision Specialist Programs, FINRA
  • Heidi Mitza, Attorney Adviser, Public Finance Abuse Unit, SEC
  • Gina Petrocelli, Chief Counsel, Enforcement, FINRA

Modified: July 16, 2020

STAY CONNECTED
1 Twitter 2 Facebook 3RSS 4YouTube
6LinkedIn 8 Email Updates

About The SEC

  • Budget & Performance
  • Careers
  • Commission Votes
  • Contact
  • Contracts
  • Data Resources

Transparency

  • Accessibility & Disability
  • Diversity & Inclusion
  • FOIA
  • Inspector General
  • No FEAR Act & EEO Data
  • Ombudsman
  • Whistleblower Protection

Websites

  • Investor.gov
  • Related Sites
  • USA.gov

Site Information

  • Plain Writing
  • Privacy & Security
  • Site Map
Return to Top