MSRB Files Revised Continuing Education Requirements for Municipal Securities Dealers

The MSRB filed a revised proposal with the SEC to require dealers to provide annual municipal securities training for registered persons who are regularly engaged in or who supervise municipal securities activities.

In December 2013, the MSRB requested public comment on draft changes to the "Firm Element Continuing Education" requirement in MSRB Rule G-3 ("Classification of Principals and Representatives; Numerical Requirements; Testing; Continuing Education Requirements"). The MSRB modified the proposed new requirement to remove the specified one-hour minimum amount of training. It also amended the proposal to apply only to registered personnel.

According to the MSRB, securities firms currently are required to offer continuing education to their staff based on the firms' assessment of their overall needs, but there are no existing obligations under MSRB rules to ensure that training on municipal securities is provided to dealer personnel regularly engaged in such activities.

Separately, the MSRB announced that it is in the process of developing a professional qualifications program for municipal advisors.

See: Text of Revised Proposal. Related news: MSRB Requests Comment on Continuing Education Proposal for Municipal Securities Dealers (December 13, 2013).