All
Municipal Advisors Must Be Series 50-Qualified
As of September 12, 2017, only those municipal advisor
professionals who have passed the Municipal Advisor Representative
Qualification Examination (Series 50) are permitted to engage in municipal
advisory activities on behalf of their firms. The MSRB reminds municipal
advisor firms that permitting an associated person without the Series 50
qualification to engage in municipal advisory activities on the firm’s behalf after
this date could be a violation of MSRB rules and other federal securities laws.
The MSRB is encouraging municipal securities issuers to visit
the MSRB’s website to view a list of MSRB-registered municipal advisor firms
and the names of their Series 50-qualified professionals. Firms that do not have
at least one Series 50-qualified professional no longer appear on the MSRB’s list
of municipal advisor firms.
Additional information about the Series 50 exam and steps for
firms to take to ensure compliance with registration and qualification
requirements is available in updated FAQs on the
MSRB’s website.
Compliance Advisory for Municipal Advisors
The
MSRB recently published its annual Compliance Advisory for Municipal Advisors, part
of the MSRB’s ongoing effort to assist municipal advisors with understanding
MSRB rules and identifying potential compliance risks. Proactively addressing
compliance risks benefits municipal advisors, their municipal entity and
obligated person clients and, ultimately, investors and public confidence in
the municipal securities market.
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Municipal advisors can enhance their knowledge of compliance 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 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 how MuniEdPro® can augment your firm's continuing education compliance program, contact Ritta McLaughlin at rmclaughlin@msrb.org or 202-838-1306.
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Implementing Municipal Advisory Client Education and Protection Rules
Effective October 13, 2017, amendments to MSRB Rule
G-10 on investor and municipal advisory client education and protection rules will require municipal advisors to
provide municipal entity clients with annual written notification of the advisor’s registration status, the MSRB’s
website address and the availability of a brochure
that describes regulatory protections for municipal entities and how to report a complaint against a
municipal advisor to the appropriate authority. The
upcoming amendments to Rule G-10 also require municipal advisors to maintain a
log of municipal advisory complaints. The resources listed below can facilitate
compliance with the new requirements:
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