The Municipal Securities Rulemaking Board (MSRB) has received approval from the U.S. Securities and Exchange Commission (SEC) to amend MSRB Rule G-3, on professional qualification requirements, to establish a qualification exam for municipal advisor professionals who act in a principal capacity at their firms. The rule change becomes effective on December 20, 2018.
The MSRB will pilot the Municipal Advisor Principal Qualification Examination (Series 54) from February 2019 through June 2019, after which the MSRB will establish a passing score for the exam. Any municipal advisor principal may take the pilot Series 54 examination during the pilot period and if they achieve the passing score or better, they will be considered qualified as a municipal advisor principal when the MSRB permanently establishes the Series 54 in the Fall of 2019. At that time, other municipal advisor principals will have a one-year grace period to take and pass the Series 54 examination to become appropriately qualified under MSRB Rule G-3.