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This month marks a milestone for regulation of the municipal securities market with the uniform application of MSRB professional qualification standards to both municipal securities dealers and municipal advisors.
Municipal securities dealers have long been subject to an MSRB requirement that an individual pass a qualification exam before the individual can engage in certain municipal market activities. In 2016, the MSRB developed a similar requirement for municipal advisors, launching the Municipal Advisor Representative Qualification Examination (Series 50) and giving individuals a one-year grace period to pass the new exam. The grace period ends on September 12, 2017, after which only those individuals who have passed the Series 50 are permitted to engage in municipal advisory activities.
The MSRB's professional qualification standards are designed to ensure that prior to engaging in municipal advisory activities, or transacting in or underwriting municipal securities, financial professionals have a sound understanding of the applicable regulations and market practices. The uniform application of professional qualification standards serves to protect investors, municipal issuers and other municipal market participants, and fosters continued confidence in the integrity of the municipal securities market.
 The start of an
organization’s new fiscal year is not necessarily meaningful for external
constituents. However at the MSRB, the addition of new Board members each
October and the start of a new operating plan give our fiscal-year start
something of a “new school year” feel. This year, we will begin another annual
tradition—the publication of budget highlights for the new fiscal year that provide an overview of the MSRB’s top
priorities. Publication of our budget overview supports my commitment to exceptional
corporate transparency and helps demonstrate the strict
financial management of the organization. Ensuring the MSRB’s financial
sustainability is a top organizational priority. As we head into our 43rd
year protecting the municipal securities market, we must ensure that we are able to fulfill our statutory
obligations for many years to come. Rigorous annual budget planning is just one of the
ways we do that and I am excited to share with you next month the results of
that effort. Read about the MSRB's financial oversight on page 12 of our most recent annual report.
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 Municipal advisors can enhance their knowledge of their regulatory obligations under MSRB Rule G-42 with the latest MuniEdPro® course, "Standards of Conduct: The Duties of Non-Solicitor Municipal Advisors." The course depicts real-world scenarios that municipal advisors may encounter when providing advice with respect to municipal financial products or the issuance of municipal securities. Log into MuniEdPro® today and challenge yourself to make informed choices in compliance with Rule G-42.
For more information about MuniEdPro® or to inquire about subscription options, contact Ritta McLaughlin at rmclaughlin@msrb.org or 202-838-1306.
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 Upcoming Events
Amendments to MSRB Rule G-3 on Professional
Qualification Standards for Municipal Advisors
Thursday, October 12, 2017
3:00 - 4:00 p.m. ET
During this
free webinar, MSRB staff will review amended MSRB Rule G-3, which requires
municipal advisors to develop a continuing education program for covered
persons, and for every covered person of a municipal advisor to participate in
continuing education training. Amended MSRB Rule G-3 has an implementation date
of January 1, 2018.
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August 30, 2017: SEC Filing for Proposed Rule Change to
Amend MSRB Rule G-34, on CUSIP Numbers, New Issue, and Market Information
Requirements
August
24, 2017: Federal Register Notice of Approval
for Proposed Rule Change to Amend Rule G-21(e), on Municipal Fund Security
Product Advertisements
August
22, 2017: Request for Comment on Draft
Amendments to MSRB Form G-45 under Rule G-45, on Reporting of Information on
Municipal Fund Securities
August
21, 2017: SEC Approves Amendments to the MSRB’s
Rule on Municipal Fund Security Product Advertisements
August 18, 2017: SEC Approval Order for Proposed Rule Change to Amend Rule G-21(e) on Municipal Fund Security Product Advertisements
August 9,
2017: MSRB Response to Comments Received
from Federal Register Notice of Filing for Proposed Rule Change to Amend Rule
G-21(e), on Municipal Fund Security Product Advertisements
August 9,
2017: Amendment No. 1 to Proposed Rule
Change to Amend Rule G-21(e), on Municipal Fund Security Product Advertisements
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