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The
MSRB has announced the dates for its pilot Municipal Advisor
Representative Qualification Examination (Series 50)—the test that is the
precursor to the permanent qualification exam for municipal advisors. The Series
50 pilot exam will be offered January 15, 2016 – February 15, 2016. The exam
serves as a qualifying test for municipal advisors under MSRB Rule G-3, which requires every
municipal advisor representative to take and pass the Series 50 prior to being
qualified as a municipal advisor representative.
Any
individual engaged in municipal advisory activities on behalf of an MSRB-registered
municipal advisor is permitted to take the pilot Series 50. Candidates who take
and pass the pilot Series 50 will be qualified as a municipal advisor
representative and will not be required to take the permanent qualification examination.
The next
step for municipal advisors interested in taking the pilot exam will be the
opening of the enrollment window on September 21, 2015. The MSRB will provide more
information about the enrollment process soon.
Additional
details and resources for pilot participants are provided below.
Series
50 Resources Available on MSRB.org
The Securities and
Exchange Commission (SEC) recently ordered the MSRB’s proposed rule to
establish core standards of conduct for municipal advisors into an additional phase of the rulemaking process. The SEC
invited additional comment from interested parties on the proposed rule by
September 11, 2015.
Proposed Rule G-42,
which the MSRB filed with the SEC for approval in April 2015, is designed to
serve as the cornerstone of the MSRB’s developing regulatory framework for
municipal advisors. The MSRB submitted a letter to the SEC responding to issues raised by commenters
about the proposed rule. The MSRB also filed several minor amendments primarily
to clarify the text of the proposed rule. View the amended rule language.
On September 2, 2015, the MSRB asked the SEC to apply to
municipal advisors the limitations on business-related gift-giving that
currently apply to municipal securities dealers. The proposed amendments to
MSRB Rule G-20 aim to address conflicts of interest that may arise from the
giving of gifts or gratuities in connection with municipal advisory activities.
The proposed amendments, which would be effective six months after SEC
approval, also add a new provision to specifically prohibit both dealers and municipal
advisors from seeking reimbursement for certain entertainment expenses from the
proceeds of an offering of municipal securities. In addition, the MSRB is
seeking to extend to municipal advisors related books and records requirements
through proposed amendments to MSRB Rule G-8. Read the rule filing.
The MSRB operates the EMMA website as a free transparency resource for all municipal market participants. To get started on EMMA or learn more, visit the EMMA Help section of the website, which contains useful tutorials and tips for navigating EMMA, creating customized MyEMMA user accounts and for understanding information on the website.
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