Recent Observations from Municipal Advisor Examinations

On November 7, 2017, the Division of Examinations (the “Division”) published a Risk Alert that provided the staff’s observations from a series of examinations of newly registered municipal advisors, with a focus on deficiencies observed in the areas of registration, recordkeeping, and supervision. In this follow-up Risk Alert, the Division reminds municipal advisors of their obligations and raises awareness among municipal advisors and other market participants of the most often cited deficiencies and weaknesses observed in recent MA examinations, which include many of the areas covered in the Risk Alert issued in 2017, as well as deficiencies and weaknesses related to municipal advisors’ disclosure to clients. In sharing the information in this Risk Alert, the Division encourages municipal advisors to review their practices, policies, and procedures in these areas and to consider improvements in their compliance programs, as may be appropriate.

View the Risk Alert:  Recent Observations from Municipal Advisor Examinations