01 / Municipal
Municipal Advisor Compliance Services
Expert guidance for municipal advisors navigating SEC and MSRB regulations, providing comprehensive compliance solutions that protect your firm and support your growth.
Registration and Regulatory Filings
ARS handles all required SEC and MSRB registrations on your behalf. This includes preparing and submitting initial SEC Form MA registrations, individual Form MA-I filings, and MSRB Form A-12 affirmations. We manage amendments for changes in personnel, firm structure, or individual registrations, and we process firm and individual attestations as required. We also file your MSRB Rule G-37 political contribution reports quarterly, ensuring accuracy and timeliness.
Written Supervisory Procedures (WSPs) and Compliance Policies
We create, update, and maintain Written Supervisory Procedures (WSPs) tailored to your firm's municipal advisory practice. Our WSPs are built around how your firm actually operates, not generic templates. As new rules are adopted or existing rules are amended, we update your procedures to reflect the current regulatory landscape and ensure your supervisory infrastructure keeps pace.
Surveillance Program Design and Execution
ARS designs, implements, and runs comprehensive surveillance programs for municipal advisory firms. We monitor trading activity, political contributions, gift and entertainment, and other areas of regulatory focus. When exceptions are identified, we report them to management with clear documentation and recommended actions. Our surveillance programs are built to satisfy both SEC and MSRB examination expectations.
Regulatory Exam, Inquiry, and Investigation Support
ARS has completed more SEC municipal advisor exams and audits than any other compliance firm in the country. We prepare your firm before an exam or audit by reviewing your Written Supervisory Procedures (WSPs), surveillance records, and filings. During the process, we manage document production, coordinate with examiners, and provide guidance through resolution. We also support firms responding to inquiries, subpoenas, sweep letters, and investigations.
Training and Continuing Education
We provide on-site and remote compliance training for your entire team, including registered representatives and principals. Training covers current rules and regulations, recent enforcement actions, industry best practices, and any new or amended regulatory guidance. We also help firms develop and maintain continuing education plans to meet their ongoing obligations.
G-44 Certification and Annual Review
MSRB Rule G-44 requires municipal advisors to review their compliance and supervisory processes annually and certify that the review was completed. ARS prepares the full G-44 certification review and report, testing your policies and procedures, identifying gaps, and documenting the results for regulatory purposes.
Additional Services
Beyond core compliance, ARS provides MSRB Rule G-10 investor notification mailings, book reviews and recordkeeping assessments, contract and engagement letter review (including RFPs and IRMA), off-channel communications compliance monitoring, expert witness support and industry expertise, and periodic regulatory bulletins keeping your firm informed of developments that affect your practice.
Frequently Asked Questions
What does a municipal advisor compliance firm do?
A municipal advisor compliance firm helps MAs meet SEC and MSRB regulatory requirements. This includes preparing and filing SEC Forms MA and MA-I, MSRB Form A-12 affirmations, G-37 political contribution filings, and G-44 certification reviews. It also covers creating and maintaining Written Supervisory Procedures (WSPs), running surveillance programs, supporting regulatory exams and audits, and providing ongoing training and guidance on new rules and interpretations.
Is outsourced MA compliance more cost-effective than building an in-house team?
For most firms, yes. Outsourced compliance reduces the need for additional compliance headcount while providing access to a team of specialists who have seen how regulations are applied across the industry as a whole. It also scales with your firm's needs, so you are not overstaffed during quieter periods or stretched thin during exams and regulatory changes. ARS also frequently works alongside in-house compliance teams to provide broader perspectives on the latest rule changes and market insights, giving internal staff the support they need without replacing them.
How does ARS help with SEC municipal advisor exams and audits?
ARS has completed more SEC municipal advisor exams and audits than any other compliance firm. We prepare your firm before the exam or audit by reviewing your Written Supervisory Procedures (WSPs), surveillance records, and filings. We manage document requests, coordinate responses with examiners, and support you through the entire process from the initial notification through resolution.
What is a G-44 certification and does my firm need one?
MSRB Rule G-44 requires municipal advisors to conduct an annual review of their compliance policies and procedures and certify that the review was completed. ARS prepares the full G-44 certification review and report, including testing your Written Supervisory Procedures (WSPs) and identifying any gaps or areas for improvement.
What ongoing support does ARS provide between exams?
ARS provides continuous monitoring of new and amended rules, periodic regulatory bulletins, surveillance program execution, off-channel communications compliance, contract and engagement letter review, and ad hoc training when rule changes affect your firm. We function as an extension of your team, not just a once-a-year review.
Get Started
Ready to strengthen your compliance program?
Schedule a consultation to learn how we can support your municipal advisory compliance needs.