Registration & Continental Breakfast (8:00 am – 9:00 am)
No fraud occurred or was alleged; the document is an agenda for a regulatory compliance outreach program hosted by the SEC, MSRB, and FINRA on November 8, 2017, aimed at educating municipal advisors on fiduciary duties and regulatory obligations under MSRB Rule G-42 and the Securities Exchange Act of 1934.
This document outlines the agenda for a compliance outreach program hosted by the SEC’s Atlanta Regional Office on November 8, 2017, in collaboration with the MSRB and FINRA. The event featured panel discussions on fiduciary duties under MSRB Rule G-42, supervision, registration, and books and records requirements, with participation from senior regulators and industry counsel. No enforcement actions, charges, or monetary penalties were involved—this was purely an educational initiative designed to promote regulatory compliance among municipal advisors.
The document is an agenda for a compliance outreach program hosted by the SEC’s Atlanta Regional Office on November 8, 2017, in partnership with the MSRB and FINRA, aimed at educating municipal advisors on their regulatory obligations. Panel discussions focused on fiduciary duties under MSRB Rule G-42, supervision, registration, and books and records requirements, drawing on common issues identified during examinations by SEC and FINRA staff. Senior regulators, including attorneys and examiners from the SEC’s Division of Enforcement and OCIE, MSRB’s General Counsel and Chief Compliance Officer, and FINRA’s compliance leadership, participated as panelists and moderators. The event included Q&A sessions and was structured to foster voluntary compliance, not to announce enforcement actions or disclose violations. No individuals, firms, or municipalities were accused of fraud, misconduct, or regulatory breaches. There were no dollar amounts, penalties, or legal outcomes associated with this event. The goal was proactive education to help municipal advisors understand and adhere to federal securities laws and MSRB rules. This initiative reflected a regulatory strategy of prevention and guidance rather than punishment.
Extracted insights
- agency acting director, office of municipal securities, sec
- person ahmed abonamah
- agency assistant director, ocie/bdx, sec
- agency associate director, fixed income regulation, finra
- person bonnie bowes
- person cheryl maddox
- person david cohen
- agency deputy chief, public finance abuse unit, division of enforcement, sec
- agency deputy director, office of municipal securities, sec
- agency examination manager, new orleans district office, finra
- agency exam manager, ocie/bdx, chicago regional office, sec
- person gail marshall
- person gene c. davis
- company general counsel, the pfm group
- person hillary phelps
- person mark zehner
- person michael l. post
- person nadine sophia evans
- person Peter Diskin
- agency principal examiner, finra
- person rebecca olsen
- person ritta mclaughlin
- person robert miller
- agency senior counsel, office of municipal securities, sec
- agency senior counsel to the director, office of municipal securities, sec
- agency senior specialized examiner, ocie/bdx, sec
- person steve vilim
- agency supervisory attorney/examination manager, ocie/bdx, sec
- person suzanne mcgovern
- person william downey
- Ahmed Abonamah is Senior Counsel to the Director, Office of Municipal Securities, SEC
- Rebecca Olsen is Acting Director, Office of Municipal Securities, SEC
- Michael L. Post is General Counsel, MSRB
- Peter Diskin is Assistant Director, Public Finance Abuse Unit, Division of Enforcement, Atlanta Regional Office, SEC
- Steve Vilim is Exam Manager, OCIE/BDX, Chicago Regional Office, SEC
- William Downey is Principal Examiner, FINRA
- Bonnie Bowes is Associate Director, Fixed Income Regulation, FINRA
- Robert Miller is Supervisory Attorney/Examination Manager, OCIE/BDX, SEC
- Hillary Phelps is Senior Counsel, Office of Municipal Securities, SEC
- Gail Marshall is Chief Compliance Officer, MSRB
- David Cohen is Senior Counsel, RBC Capital Markets
- Cheryl Maddox is General Counsel, The PFM Group
- Ritta McLaughlin is Chief Education Officer, MSRB
- Nadine Sophia Evans is Senior Specialized Examiner, OCIE/BDX, SEC
- Rebecca Olsen is Deputy Director, Office of Municipal Securities, SEC
- Mark Zehner is Deputy Chief, Public Finance Abuse Unit, Division of Enforcement, SEC
- Gene C. Davis is Examination Manager, New Orleans District Office, FINRA
- Suzanne McGovern is Assistant Director, OCIE/BDX, SEC
- Panel 1 will focus on duties and standards of conduct for non-solicitor municipal advisors under MSRB Rule G-42 and the Securities and Exchange Act of 1934
- Panel 2 will continue the focus on duties and standards of conduct for non-solicitor municipal advisors under MSRB Rule G-42 and the Securities and Exchange Act of 1934
- Panel 3 will focus on obligations of municipal advisors relating to the Securities Exchange Act of 1934 and MSRB rules with respect to supervision, registration, books and records
- Panel 4 will engage in a roundtable discussion of compliance and regulatory topics with respect to municipal advisors
Compliance Outreach Program for Municipal Advisors SEC Atlanta Regional Office November 8, 2017 Agenda Registration & Continental Breakfast (8:00 am – 9:00 am) Welcome and Opening Remarks (9:00 am – 9:15 am) Panel 1: Fiduciary Duty/G-42 - Policy (9:15 am – 10:15 am) Panel 2: Fiduciary Duty/G-42 - Practical Application (10:30 am – 11:45 am) Break (10:15 am – 10:30 am) Steve Vilim, Exam Manager, OCIE/BDX, Chicago Regional Office, SEC William Downey, Principal Examiner, FINRA Lunch On Your Own (11:45 am – 1:00 pm) Panel 3: Supervision, Registration and Books & Records (1:00 pm – 2:00 pm) This panel will focus on the obligations of municipal advisors relating to the Securities and Exchange Act of 1934 and the rules thereunder, and MSRB rules with respect to supervision, registration, books and records. The panelists will also review common issues found by examination staff when examining for compliance with these rules. Bonnie Bowes, Associate Director, Fixed Income Regulation, FINRA (Moderator) Robert Miller, Supervisory Attorney/Examination Manager, OCIE/BDX, SEC Hillary Phelps, Senior Counsel, Office of Municipal Securities, SEC Gail Marshall, Chief Compliance Officer, MSRB David Cohen, Senior Counsel, RBC Capital Markets Cheryl Maddox, General Counsel, The PFM Group Break (2:00 pm – 2:15 pm) Panel 4: Regulatory Roundtable (2:15 pm – 3:30 pm) Staff from the SEC, MSRB, and FINRA will engage in a roundtable discussion of a variety of timely compliance and regulatory topics with respect to municipal advisors and address questions raised by the audience. Ritta McLaughlin, Chief Education Officer, MSRB (Moderator) Nadine Sophia Evans, Senior Specialized Examiner, OCIE/BDX, SEC Rebecca Olsen, Deputy Director, Office of Municipal Securities, SEC Mark Zehner, Deputy Chief, Public Finance Abuse Unit, Division of Enforcement, SEC Gail Marshall, Chief Compliance Officer, MSRB Gene C. Davis, Examination Manager, New Orleans District Office, FINRA Closing Remarks (3:30 pm – 3:45 pm) Suzanne McGovern, Assistant Director, OCIE/BDX, SEC
Compliance Outreach Program for Municipal Advisors SEC Atlanta Regional Office November 8, 2017 Agenda Registration & Continental Breakfast (8:00 am – 9:00 am) Welcome and Opening Remarks (9:00 am – 9:15 am) Panel 1: Fiduciary Duty/G-42 - Policy (9:15 am – 10:15 am) Panel 2: Fiduciary Duty/G-42 - Practical Application (10:30 am – 11:45 am) Break (10:15 am – 10:30 am) Steve Vilim, Exam Manager, OCIE/BDX, Chicago Regional Office, SEC William Downey, Principal Examiner, FINRA Lunch On Your Own (11:45 am – 1:00 pm) Panel 3: Supervision, Registration and Books & Records (1:00 pm – 2:00 pm) This panel will focus on the obligations of municipal advisors relating to the Securities and Exchange Act of 1934 and the rules thereunder, and MSRB rules with respect to supervision, registration, books and records. The panelists will also review common issues found by examination staff when examining for compliance with these rules. Bonnie Bowes, Associate Director, Fixed Income Regulation, FINRA (Moderator) Robert Miller, Supervisory Attorney/Examination Manager, OCIE/BDX, SEC Hillary Phelps, Senior Counsel, Office of Municipal Securities, SEC Gail Marshall, Chief Compliance Officer, MSRB David Cohen, Senior Counsel, RBC Capital Markets Cheryl Maddox, General Counsel, The PFM Group Break (2:00 pm – 2:15 pm) Panel 4: Regulatory Roundtable (2:15 pm – 3:30 pm) Staff from the SEC, MSRB, and FINRA will engage in a roundtable discussion of a variety of timely compliance and regulatory topics with respect to municipal advisors and address questions raised by the audience. Ritta McLaughlin, Chief Education Officer, MSRB (Moderator) Nadine Sophia Evans, Senior Specialized Examiner, OCIE/BDX, SEC Rebecca Olsen, Deputy Director, Office of Municipal Securities, SEC Mark Zehner, Deputy Chief, Public Finance Abuse Unit, Division of Enforcement, SEC Gail Marshall, Chief Compliance Officer, MSRB Gene C. Davis, Examination Manager, New Orleans District Office, FINRA Closing Remarks (3:30 pm – 3:45 pm) Suzanne McGovern, Assistant Director, OCIE/BDX, SEC