MSRB Rule G-44: Supervisory and Compliance Obligations of Municipal Advisors

Read the learning objectives and topics covered in this MuniEdPro® course. Log into MuniEdPro®.


Target Audience:                                                                                            

  • Municipal Advisors

Learning Objectives:

At the end of this course, learners will be able to:

  • Apply the requirements of MSRB Rule G-44, on supervisory and compliance obligations of municipal advisors;
  • Describe responsibilities of designated municipal advisor principals; and
  • Identify documentation that must be retained to reflect a firm’s compliance with applicable MSRB rules.
Course Outline:

1. Introduction – Overview of MSRB Rules
a. MSRB Rule G-2: Standards of Professional Qualification
b. MSRB Rule G-3: Professional Qualification Requirements
c. MSRB Rule G-8: Books and Records to be Made by Brokers, Dealers, and Municipal Securities Dealers
d. MSRB Rule G-9: Preservation of Records
e. MSRB Rule G-10: Investor and Municipal Advisory Client Education and Protection
f. MSRB Rule G-37:  Political Contributions and Prohibitions on Municipal Securities Business and Municipal
Advisory Business
g. MSRB Rule G-42: Duties of Non-Solicitor Municipal Advisors
h. MSRB Rule G-44: Supervisory and Compliance Obligations of Municipal Advisors

2. Supervision Obligations and Considerations for a Sole Proprietor or Small Municipal Advisor Firm
a. Designated Personnel
b. Supervision
c. Written Supervisory Procedures (WSPs)
i. Tailoring the WSPs
ii. Qualifications
d. Chief Compliance Officer (CCO) Competencies
i. Annual Review

3. Supervision Obligations and Considerations for a Mid-sized Municipal Advisor Firm
a. Designated Personnel
i. Considerations
b. Compliance
c. Supervision
d. Documentation
i. WSPs
ii. Testing Process
iii. Records
iv. Retention

4. Supervision Obligations and Considerations for a Large Dealer/Municipal Advisor Firm
a. Qualifications of Principals
b. Compliance
c. Supervision
d. WSPs
e. Testing Process
f. Other Considerations
i. Conflict of Interest
ii. A Change in Regulation

5. Assessment