SIFMA Submits Comments to MSRB Regarding Proposal on Establishing Professional Qualification Requirements for Municipal Advisors

SIFMA submitted comments to the MSRB on Regulatory Notice 2014-08, which contains a draft proposal for amendments to MSRB Rules G-1, G-2, G-3 and D-13 that sets professional qualification standards for municipal advisor professionals and requires municipal advisors and their associated persons engaging in municipal advisory activities to be qualified in accordance with MSRB rules.

In the comment letter, SIFMA expressed concerns about the draft amendments. In particular, SIFMA stated that persons qualified currently to perform municipal securities activities also should be qualified to perform municipal advisor activities if they so choose, and that the Series 52 qualification exam should be sufficient for municipal securities representatives and municipal advisor representatives alike. If the MSRB develops a new qualification exam for municipal advisor representatives, SIFMA explained, associated persons that qualify currently to perform municipal securities activities should be grandfathered as also qualifying as municipal advisor representatives.

See: SIFMA Comment Letter.Related news: MSRB Proposes Professional Qualification Requirements for Municipal Advisors (with Lofchie Comment) (Notice 2014-08) (March 17, 2014).