The SEC approved amendments to (i) provide a one-time exemption for municipal advisors who allowed their qualification to lapse and (ii) require municipal advisors to keep books and records regarding the exemption.
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The MSRB proposed amendments to MSRB rules on professional qualification requirements to provide a one-time exemption for municipal advisors who allowed their qualification to lapse.
SIFMA asked the MSRB to broaden a proposed exemption to allow individuals who have been out of the securities industry for a limited time to requalify without having to retake examinations. SIFMA urged the MSRB to harmonize the exemption with requirements for muni dealers and broker dealers.
The MSRB proposed a one-time exception to allow individuals previously qualified as municipal advisors whose certification lapsed to requalify without having to take the Series 50 exam, subject to certain conditions.
At its quarterly Board of Directors meeting, the MSRB reviewed initiatives under the strategic plan for improving and protecting the municipal securities market.