Among the many provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Congress legislated that Municipal Advisors and their employees must now register with the SEC and MSRB to ensure knowledge and compliance with industry regulations. Stemming from this requirement, the MSRB recently announced the Municipal Advisor Representative Qualification Examination or Series 50. Any individual who engages in municipal advisory activities or supervises a municipal advisor representative will be required to take the Series 50, and no individuals will be exempted from having to pass the examination.
In September, the MSRB will launch a Series 50 pilot examination, which will be offered over a 30 day period. Those who take the pilot exam will learn their results approximately 3 months later. If a candidate passes the pilot they will be qualified to act as a municipal advisor representative or principal and will not be required to take and pass the permanent examination. If the individual does not pass the pilot, they will then be required to take the permanent Series 50 examination. However, a failure on the pilot does not count as a failure towards the actual exam.
Based on the results from the pilot examination, the MSRB will finalize its question pool as well as establish a passing score for the Series 50. The MSRB plans to launch the permanent test in quarter 2 or 3 of 2016.
At Knopman, we plan to offer a full study solution for the Series 50 to help candidates effectively prepare for the examination. Please feel free to reach out to us if you have any questions in the interim regarding the examination.