MSRB Municipal Advisor Review - Spring 2017


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Save the Date:
Municipal Advisor Summit on May 8, 2017

“Ask the Regulator” about municipal advisor rules at an upcoming in-person and live webcast event hosted by the MSRB in Washington, D.C., with speakers from the National Association of Municipal Advisors and the National Society of Compliance Professionals. Summit registration information will be sent soon to all MSRB-registered municipal advisors. 

Series 50 Grace Period Ends Sep.12, 2017

Municipal advisor professionals have until September 12, 2017 to take and pass the MSRB’s Municipal Advisor Representative Qualification Examination (Series 50) to continue to engage in municipal advisory activities. Read more about the Series 50 Examination.

View a list of Series 50-qualified municipal advisor representatives and their associated municipal advisor firms

MSRB Advances Municipal Advisor Continuing Education Rule

Continuing education requirements for municipal advisors could be in place by early 2018 under a proposal that the Municipal Securities Rulemaking Board (MSRB) has submitted for approval to the Securities and Exchange Commission (SEC). The MSRB is proposing to amend MSRB Rule G-3, on professional qualification requirements, to require municipal advisors to implement a continuing education training program for individuals qualified as municipal advisor representatives or municipal advisor principals. The proposal includes provisions that a municipal advisor continuing education program should, at a minimum, include training on the applicable regulatory requirements and a municipal advisor’s fiduciary duty obligations to its municipal entity clients, and be appropriate for the municipal advisor’s business. Read the proposal submitted to the SEC, which if approved, will be implemented on January 1, 2018.

    Participate in the Rulemaking Process

    Municipal advisors are reminded of the multiple opportunities to participate in the rulemaking process. In addition to providing input to the SEC on the MSRB’s recent continuing education filing, the MSRB is currently seeking comment on two rule proposals affecting municipal advisors:

    • Advertising Standards
      Comments due by March 24, 2017
      The MSRB is accepting comment on draft Rule G-40, on advertising by municipal advisors concerning professional advertisements and principal approval for advertisements. Read the request for comment.

    • Obtaining CUSIP Numbers
      Comments due by March 31, 2017
      The MSRB is seeking comment on draft rule amendments to Rule G-34, on CUSIP numbers, new issue, and market information requirements, to foster early application for CUSIP numbers and provide for consistent regulation among dealer and non-dealer municipal advisors by expanding the requirement to obtain a CUSIP number to also apply to non-dealer municipal advisors when advising on new issue municipal securities sold in a competitive offering. Read the request for comment.

    Learn more about how municipal advisors can actively engage in the development of MSRB rules in Participating in the Rulemaking Process: A Guide for Municipal Advisors


        Municipal Market Education


        The MSRB’s interactive, online MuniEdPro℠ courses feature up-to-date content relevant to municipal market activities and MSRB regulations. Watch a video to see how the courses connect MSRB rules to real-world scenarios. 

        Courses available now include:

        • Role of the Regulator: Understanding the MSRB
        • The Decision to Borrow: Roles and Responsibilities of Market Participants in Fixed Rate Primary Market Offerings
        • Rules and Risks: Understanding MSRB Rules in Relation to Municipal Market Risks

        Learn more about MuniEdPro℠

        Create an account and get started.

        Have an idea for a course? Tell us what you think