MSRB Requests Comment on Proposal to Establish Continuing Education Requirements for Associated Persons (MSRB Reg. Notice 16-24)
The MSRB requested comment on draft amendments to MSRB Rule G-3 to require municipal advisors to establish continuing education ("CE") requirements for associated persons who are qualified as a municipal advisor representative or municipal advisor principal ("covered persons").
Under the proposed amendments, municipal advisors would be required to (i) annually complete a needs analysis that evaluates and prioritizes training needs, (ii) develop a written training plan and (iii) document that training was provided to covered persons. The training plan should be designed to be appropriate for the municipal advisor's business and, at a minimum, cover training on applicable regulatory requirements, including a municipal advisor's fiduciary duty obligations.
Comments on the draft amendments must be submitted by November 14, 2016.
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