NEW Series 50 Exam
The Municipal Securities Rulemaking Board (MSRB) is reminding individuals associated with a municipal advisor firm that, pursuant to Rule G-3, an associated person of a municipal advisor firm is required to be qualified as a municipal advisor representative by passing the Series 50 exam. Municipal advisors have until September 12, 2017 to satisfy this requirement.
Municipal advisor principals- those who are engaged in the management, direction or supervision of the municipal advisory activities of the municipal advisor and its associated persons- must also take and pass the Series 50 exam. The MSRB also suggests that should a municipal advisor undertake services that it knows it will not be able to complete beyond the September 12 deadline, it violates its duty of care to its clients.
The passing score for the Series 50 exam is 71%. If you fail the exam the first time, you must wait 30 calendar days before you may retake the exam. You are allowed to fail 3 times in a row before you must wait 180 calendar days to retake it. You can find FAQs on the Series 50 exam here and the content outline for the exam here.
The MSRB and the SEC are hosting a live webinar, scheduled for Thursday, June 15, 2017, from 3-4 p.m. ET. They 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. 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.
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Author Bio
Leila Shaver is the Founder of My RIA Lawyer, a law firm that provides compliance and legal consulting for financial institutions. With extensive experience as a securities attorney and compliance expert, she has served as Chief Compliance Officer and General Counsel to RIAs, BDs, and TAMPs with billions in assets under management.
Leila understands the challenges RIAs face and is committed to helping RIAs streamline their processes, mitigate risks, and ensure compliance with regulatory requirements. She received her Juris Doctor from Atlanta’s John Marshall Law School and is a West Georgia Young Lawyers’ Association member. Leila has received numerous accolades for her work, including the Carroll County Bar Association’s Outstanding Young Lawyer Award in 2017.