As part of its routine examinations, FINRA will often coordinate with the MSRB to ensure its members are complying with applicable rules. MasterComplaince is posting this blog to remind MSRB members of their obligations and to share recent inquiries.
As summarized below, the MSRB recently issued a reminder to remind member firms that engage in municipal advisory activities of the obligation to ensure that every Associated Person with your firm that engages in municipal advisory activities is appropriately qualified. Specifically, Associated Persons who engage in municipal advisory activities on behalf of a municipal advisor firm is required to be qualified as a “municipal advisor representative” by passing the Municipal Advisor Representative Qualification Examination (Series 50 exam). Read More…
In June 2016, the Municipal Securities Rulemaking Board (MSRB) filed a proposed rule change with the Securities Exchange Commission (SEC) to revise the content outline for the Municipal Advisor Representative Qualification Examination (Series 50 exam). The content outline for the Series 50 exam has been amended to reflect changes to the laws, rules and regulations covered by the examination. These amendments also, among other things, incorporate the functions and associated tasks performed by a municipal advisor representative.