Form MA. The SEC and MSRB require advisers to file an accurate and truthful Form. Our professionals will perform a full review of your firm’s organizational structure, potential conflicts of interest, supervisory oversight, and investment advisory activities, activities of related persons, regulatory history, and compliance practices. With this information, we can revise and update Form MA to be accurate in all material respects.
Compliance Program Design. Our municipal adviser clients include financial advisors, guaranteed investment contract brokers, third-party marketers, placement agents, solicitors, finders, and swap advisors that engage in municipal advisory activities. We will make sure your compliance program is tailored to fit your business.
Risk Assessment. Risk assessments and internal control reports capture the full inventory of compliance risks, and assign a risk rating for each compliance risk. This helps guide the drafting of written policies and procedures.
Compliance Policies & Procedures. Multiple laws may apply to your advisory business, e.g., Exchange Act, MSRB rules, state securities laws, and rules and regulations promulgated thereunder. Our knowledgeable and experienced consultants can draft and/or amend compliance policies and procedures to assist your compliance with such laws.
Compliance Testing. MCS can perform compliance monitoring and forensic testing required by your compliance policies and procedures, or to otherwise test certain aspects of your compliance program.
Annual Compliance Review. MCS can perform the annual compliance review and prepare the associated report regarding the adequacy of your compliance policies and procedures, and the effectiveness of their implementation. MCS’ reviews conform to guidance published by the SEC and MSRB for the conduct of annual compliance reviews.
Marketing & Advertisement Reviews . MCS can analyse all your advertising materials (including websites, blogs, and social media) to ensure compliance with the advertising rule. As part of this, MCS can draft necessary disclosures to advertising materials to assist in complying with your obligation to provide disclosure of all material facts.
Regulatory Examinations. In the event an SEC or MSRB examination, MCS can provide on-site assistance serving as a contact for the regulators, participating in calls and meetings, assisting with document requests, as well as drafting responses to deficiency letters and regulatory inquiries.
Mock Exams. Because our Compliance Consultants are well seasoned professionals with in-depth SEC and MSRB examination knowledge and experience, we and they can conduct a mock examination of your advisory business, including interviews with key personnel, reviews of relevant documents and testing, and prepare a written report of our findings. We will gather the requested documents, review the documents for completeness, and organize these documents in SEC or MSRB examination formats.
Deficiency Letters. Because we have assisted with hundreds of SEC exams, we are experts in preparing responses to SEC or MSRB deficiency letters.
Compliance Training. MCS can conduct compliance training for your entire organizations or for key members, e.g., chief compliance officers, compliance staff. These can be done in-person, remotely via Skype/webinars or we can prepare materials for internal presentations.
Cybersecurity. MCS can help develop policies and procedures for investment advisers to keep in line with regulatory requirements for protecting personally identifiable information for advisory clients. MCS also conducts staff training and compliance testing with respect to cybersecurity.
Business Continuity/Disaster Recovery Plan. MCS can develop plans to maintain effective business operations in the event of a significant business disruption, as well as periodic or annual testing.
Code of Ethics. MCS can help ensure your code of ethics complies with Rule 204A-1, and is appropriate for your business. The code should cover more than personal trading, it should provide a standard of conduct and require oversight of certain potential conflicts, e.g., outside business activities, gifts and entertainment. MCS can help ensure your code of ethics is appropriate for your business.
Compliance Calendars and Regulatory Reminders. MCS develops customized compliance calendars to help keep advisers on track with legal requirements (deadlines for Form MA, Form A-12 or Form G-37), personnel reporting obligations (deadlines for personal securities reporting, periodic attestations) and compliance testing.
Remote/Branch Office Supervision. MCS can develop policies and procedures covering your remote/branch offices.
IARD Administration. MCS can support all regulatory filings, including state notice filings, and perform annual municipal adviser registration renewals.
Individual MA Analysis. MCS can conduct an analysis of personnel to determine if registration and/or notice filing of individuals are required in the individual states and territories that have jurisdictional authority over your adviser.
Regulatory Filings. MCS can draft and/or amend required regulatory filings to be submitted to the SEC and MSRB. MCS can review draft versions of filings prepared by third parties for accuracy and completeness prior to filing.
Email/Instant Messaging Surveillance. MCS can conduct on-going surveillance of emails and instant messages to identify non-compliant activities and produce a comprehensive memo highlighting issues found.
Due Diligence Questionnaires/RFPs. MCS can conduct a compliance review of due diligence questionnaires and requests for proposals completed by your municipal adviser for any potential inaccuracies or misrepresentations prior to dissemination.
Suitability Reviews. MCS can perform reviews of your services to ensure compatibility with each client’s investment objectives and risk tolerance.
Undisclosed Disciplinary Action Reviews. MCS can help research and confirm whether any licensed persons have not disclosed disciplinary history.
Books & Records. MCS can create and maintain books and records required by the SEC and MSRB rules.
Agreements & Contracts. MCS can review and update your advisory agreements to ensure they comply with the requirements of the Exchange Act and other SEC positions.