MSRB Municipal Advisor Review - Summer 2017


Meet MuniEdPro®

MuniEdPro®, the MSRB's suite of online courses designed specifically for municipal market participants, provides access to online learning opportunities and continuing professional education credit. MuniEdPro® courses use real-world scenarios to provide up-to-date content relevant to municipal market activities and MSRB regulations. Among the courses available, municipal advisors may be particularly interested in "The Decision to Borrow: Roles and Responsibilities of Market Participants in Fixed Rate Primary Market Offerings" or the most recent course, "Due Diligence: Primary Offering Disclosure Responsibilities."

View the course catalog.

Coming Soon: Municipal Advisor Compliance Advisory 

The MSRB will soon publish its second compliance advisory for municipal advisors to assist municipal advisors in evaluating their implementation of municipal advisor rules and addressing compliance risks. All primary regulatory contacts registered with the MSRB will receive an electronic version of the advisory. It will also be available on

Time is Running Out: Series 50 Exam Deadline is Approaching

Municipal advisors have just three months to ensure that their associated persons take and pass the MSRB's Municipal Advisor Representative Qualification Examination (Series 50). After September 12, 2017, associated persons who have not passed the Series 50 can no longer engage in municipal advisory activities.

To enroll to take the Series 50, individuals must submit Form U10, available here. To obtain more information about the Series 50 and standards of professional qualification, municipal advisors can attend a free webinar co-hosted by the MSRB and the Securities and Exchange Commission on Thursday, June 15, 2017 from 3:00 p.m.  4:00 p.m. ET. It's important to remember that as of June 15, only 90 days remain to take and pass the Series 50. Register for the webinar here.

    Series 50 Grace Period Ends September 12, 2017


    Regulatory Guidance for Municipal Advisors Acting as Solicitors

    A Closer Look

    To enhance understanding of the MSRB's regulatory framework for municipal advisors acting as solicitors, the MSRB recently published comprehensive guidance that addresses how MSRB rules apply to solicitors. While the professional activities of municipal advisor solicitors differ from those of other municipal advisors, most MSRB rules established for municipal advisors also apply to solicitors. The MSRB’s recent guidance seeks to enhance solicitors’ understanding of their obligations when soliciting obligated persons and municipal entities, such as issuers of municipal securities and various non-issuers, such as public pension plans. The guidance provides links to many additional resources that dig deeper into the requirements, and serves as an excellent compliance resource for all municipal advisors. 

    To further support regulatory compliance, the MSRB will hold a webinar on June 22, 2017 from 3:00 p.m. – 4:00 p.m. ET to discuss the solicitor guidance and additional compliance resources. Register for the webinar here

    Continuing Education Requirements Take Effect January 2018

    Beginning January 1, 2018, municipal advisors will be subject to annual continuing education (CE) requirements to ensure that their industry knowledge remains current. A webinar explaining the new CE requirements will be held on Thursday, October 5, 2017 from 3:00 p.m. – 4:00 p.m. ET. Register for the webinar here

    Webinar Roundup

    Webinar Video

    Municipal Advisor Representative Qualification Examination (Series 50 Exam)

    Municipal Advisor Solicitor Guidance

    Amendments to MSRB Rule G-3 on Continuing Education Requirements for Municipal Advisors