MSRB Municipal Advisor Review - Fall 2016

MA Review Fall 2016

Series 50 
Municipal Advisor Representatives

The MSRB website displays a list of associated persons at registered municipal advisor firms who have passed the MSRB’s Municipal Advisor Representative Qualification Examination (Series 50). Click the “Representatives” tab to view the list, which is updated weekly. Until September 12, 2017, associated persons may engage in municipal advisory activities without the Series 50 qualification.

On-Demand Webinars

Visit the MSRB's webinar portal to access a library of on-demand webinars, many of which are available for continuing professional education credit. On-demand webinars include overviews of new MSRB rules for municipal advisors and educational seminars for state and local governments.

Enrollment for Series 50 Exam Begins September 12, 2016

Beginning September 12, 2016, municipal advisor firms can enroll their municipal advisor representatives to take the MSRB’s Municipal Advisor Representative Qualification Examination (Series 50). As provided for under MSRB Rule G-3, municipal advisor representatives are required to take and pass the Series 50 in order to engage in municipal advisory activities. The MSRB is providing a one-year grace period, ending on September 12, 2017, to allow municipal advisor representatives to continue to engage in municipal advisory activities while preparing to take and pass the Series 50 exam. A list of associated persons at registered municipal advisor firms who have passed the Series 50 exam is available on the MSRB's websiteThe list includes individuals who participated in the Series 50 pilot exam, which was administered January – February 2016.

Series 50 Resources    

First Municipal Advisor Political Contribution Disclosures Due in October

Effective August 17, 2016, new provisions of MSRB Rule G-37 address municipal advisors’ political contributions and municipal advisory business. Municipal advisors are now required to disclose to the MSRB, on a quarterly basis, information about their political contributions to municipal entity officials, state or local political parties, and bond ballot campaigns, as well as information about municipal entities with which they have engaged in municipal advisory business. This information is submitted through electronic Form G-37 by the last day of the month following the end of each calendar quarter. The first submission period for municipal advisors opens October 1, 2016 and ends October 31, 2016. Refer to the MSRB Rule G-37 Submission Handbook for assistance submitting political contribution disclosures. The MSRB makes these disclosures available to the public on its Electronic Municipal Market Access (EMMA®) website to facilitate public scrutiny of the potential linkages between the giving of political contributions and the awarding of municipal advisory business. 

    MSRB Provides New E-Learning Courses

    The MSRB this week launched MuniEdPro℠, a suite of interactive, online courses about municipal market activities and MSRB regulations. Each MuniEdPro℠ course allows the learner to apply MSRB rules to real-world scenarios. Continuing education credit is available through MuniEdPro℠, and the courses supplement the MSRB's existing library of free regulatory webinars

    See how MuniEdPro℠ can support municipal advisors' understanding of the municipal market and its regulations. 


    Read more about MuniEdPro℠
    Click here to access MuniEdPro.

    EMMA® Tip

    Enhanced Bank Loan Submission Process


    In order to facilitate the filing of bank loan disclosures on the EMMA website, the MSRB will enhance the submission process for issuers in September and make it easier for investors to locate available bank loan disclosures. Keep up with new EMMA features by subscribing to EMMA Updates from the MSRB. Read a brief history of EMMA enhancements since its launch.