The Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB) today announced a joint educational webinar to assist municipal advisors with understanding their professional qualification requirements. The live webinar, scheduled for Thursday, June 15, 2017, from 3-4 p.m. ET, will provide information on signing up for the MSRB’s Municipal Advisor Representative Qualification Examination (Series 50 exam), preparing to take the Series 50 exam, and fulfilling municipal advisor firms’ SEC registration obligations.
“Providing and maintaining accurate and up-to-date information on municipal advisor firms’ initial registration forms and subsequent amendments is essential to ensuring the effectiveness of the municipal advisor registration system,” said Jessica Kane, Director of the SEC’s Office of Municipal Securities. “In particular, information about associated persons on Form MA-I promotes confidence in the municipal advisor registration regime and helps protect municipal entities, obligated persons, the public, and, ultimately, investors. The Office of Municipal Securities is pleased to partner with the MSRB on this webinar.”
The MSRB’s recent regulatory notice reminded municipal advisor firms that after Sept. 12, 2017, only associated persons who have passed the Series 50 exam can engage in municipal advisory activity on behalf of the firm.
“We hope that this webinar will address questions municipal advisor firms have about the process for enrolling their associated persons to take the exam by the deadline,” said MSRB Executive Director Lynnette Kelly. “The webinar should be particularly valuable for those firms that do not yet have a single Series 50-qualified municipal advisor representative associated with the firm nor any individual scheduled to sit for the exam.”
The MSRB makes available on its website a list of Series 50-qualified municipal advisor representatives and their associated municipal advisor firms. Qualification information is updated weekly and is dependent on the quality of the data municipal advisor firms submit to the SEC through Form MA-I.
During the free webinar, staff of the SEC and MSRB will review the standards of professional qualification for municipal advisors, discuss the enrollment process for taking the Series 50 exam, and highlight relevant municipal advisor SEC registration obligations. Members of the public interested in viewing the webinar should register here.