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The MSRB issued its 2016 Compliance Advisory for Municipal Advisors . The advisory highlights compliance risks for municipal advisors and provides examples of conduct that could result in violations of various MSRB Rules, including the following: MSRB Rule A-12 ("Failure to Register with the MSRB") MSRB Rule G-3 ("Failure to Ensure That Associated Persons Are Properly Qualified") MSRB Rule G-44 ("Failure to Implement an Appropriate Compliance Program") MSRB Rules A-12, G-3, G-32 and G-34 ("Failure to Recognize When Placement Agent Activity May Be Brokerage Activity") MSRB Rule G-17 ("Failure

The SEC approved new MSRB rules establishing core standards of conduct for municipal advisors that engage in advisory activities other than solicitation. The SEC approved related amendments establishing recordkeeping requirements that apply when a municipal advisor makes a suitability determination or reviews the recommendation of another party.