MSRB Municipal Advisor Review - Summer 2015

Municipal Securities Rulemaking Board sent this bulletin at 06/15/2015 09:21 AM EDT

Upcoming Events

The MSRB and The Municipal Forum of New York will host an education and outreach seminar on Tuesday, July 28, 2015 at 3:00 - 5:30 p.m. ET in New York, NY. The program will include a look at the municipal market's past, present and future as the MSRB commemorates its 40th anniversary. Register for the seminar.

Reminder about Effectiveness of MSRB Rule G-44

New MSRB Rule G-44 that establishes the supervisory and compliance obligations of municipal advisors, and related amendments to MSRB Rules G-8 and G-9 on books and records, became effective on April 23, 2015.

MSRB Seeking Approval of Cornerstone Rule for Municipal Advisors

In a significant step toward building its regulatory framework for municipal advisors, the MSRB in April filed proposed Rule G-42 with the Securities and Exchange Commission (SEC). MSRB Rule G-42 would establish core standards of conduct for municipal advisors, provide guidance on the obligations and prohibitions that accompany their federal fiduciary duty to state and local governments, and clarify advisors’ duties of care and fair dealing to all clients. Read an executive summary of the provisions of Rule G-42. Read the full rule filing.

Follow the progress of all MSRB rulemaking for municipal advisors on the News and Resources page of the MSRB’s website.

Content Outline Now Available for Series 50 Professional Qualification Exam

Municipal advisor professionals can now review the content outline for the MSRB’s forthcoming Municipal Advisor Representative Qualification Examination, or Series 50. The content outline, released in April, is designed to help municipal advisors prepare to take the Series 50 exam, which the MSRB expects to begin administering in 2016 following a pilot period later this year. Municipal advisors are required to take and pass the Series 50 within one year of the launch of the permanent test in order to continue engaging in municipal advisory activities.

Visit the Municipal Advisor Professional Qualifications page on msrb.org to access:

Series 50 content outline, which includes exam topics, sample questions and reference material
FAQs about participating in the pilot exam later this year
FAQs about the rules establishing municipal advisors' professional qualification standards
Timeline for the development and implementation of the Series 50

Volunteer to Take the Pilot Exam

The MSRB plans to offer municipal advisors the opportunity to take a pilot Series 50 exam later this year. Volunteers who take and pass the pilot Series 50 exam will obtain the municipal advisor representative qualification and will not be required to take the permanent Series 50 exam. The pilot exam assists the MSRB in validating the bank of exam questions and establishing a passing grade for the examination. Municipal advisors interested in volunteering to take the pilot exam may sign up here to receive details about the test-taking process as they become available.

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