American Veterans Group CEO and Co-Founder Ben Biles was honored to participate in FINRA’s Compliance Outreach for Municipal Advisors and Municipal Dealers webinar, which originated from FINRA headquarters in Washington, D.C., on Wednesday, January 21, 2026. 

Biles was invited to contribute to a panel discussion that focused on the unique challenges facing small and mid-sized broker-dealers and ways firms and regulators can work together to strengthen oversight, improve clarity, and support healthy market growth. 

Broadly, the FINRA webinar focused on practical regulatory and compliance issues facing municipal securities dealers, with an emphasis on strengthening controls and avoiding common examination pitfalls. Key topics included: 

• Net capital considerations related to Open Contractual Commitment (OCC) charges.
• Best practices for maintaining, clear, defensible Written Supervisory Procedures (WSPs) and implementing effective vendor oversight frameworks.
• Sales and trading compliance risks, including minimum denomination requirements, material event handling, and other recurring operational concerns observed during exams. 

FINRA hosted the webinar to foster constructive dialogue between regulators and firms. SEC, MSRB, and FINRA staff shared timely guidance and encouraged a collaborative, risk-based approach to supervision – seeking clarity around OCC expectations and emphasizing transparency over “gotcha” enforcement. Overall, the webinar provided municipal market participants with practical insights and tailored guidance to help firms strengthen compliance process and navigate evolving regulatory expectations. 

Our thanks to FINRA, the SEC, and the MSRB for hosting a thoughtful, solutions-based program and for fostering open dialogue with industry participants. We were proud to contribute to the discussion.