MSRB Advances Municipal Advisor Continuing Education Rule
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.
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:
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
the request for comment.
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.
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
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