The MSRB proposed to amend Rule G-3 to establish additional qualification requirements for municipal advisor principals (i.e., persons engaged in the management, direction or supervision of the municipal advisory activities of a municipal advisor and its associated persons). The proposed amendments would establish the Municipal Advisor Principal Qualification Examination (the "Series 54 examination") and require those persons who meet the definition of a municipal advisor principal to pass the Series 54 examination prior to becoming a municipal advisor principal.
In addition to passing the Series 54 examination, a person still would be required to pass the Municipal Advisor Representative Qualification Examination (the "Series 50 examination"). The MSRB requested that the proposed rule change become effective 30 days from the date of SEC approval.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.