MSRB Reminds Municipal Advisors that the Series 50 Exam Deadline Is September 12, 2017

The Municipal Securities Rulemaking Board (MSRB) is issuing this notice to remind municipal advisor firms of their obligation to ensure that every individual associated with the municipal advisor firm is qualified in accordance with the rules of the MSRB.   Pursuant to MSRB Rule G-3, an associated person of a municipal advisor firm who engages in municipal advisory activities on behalf of the municipal advisor firm is required to be qualified as a “municipal advisor representative” by passing the Municipal Advisor Representative Qualification Examination (Series 50 exam).

On May 31, 2016, the MSRB announced that the Series 50 exam would be offered beginning on September 12, 2016 and municipal advisor representatives had until September 12, 2017 to satisfy the qualification requirement under MSRB Rule G-3. Municipal advisors were provided this grace period to ensure that associated persons engaging in municipal advisory activities on behalf of the firm could study for and pass the Series 50 exam without causing disruption to the business of the municipal advisor.