MSRB to Implement New Exam Requirement for Municipal Advisor Principals

The MSRB will implement a new examination requirement on November 12, 2019 for principals of municipal advisors.

The MSRB stated that municipal advisor principals must pass the Series 54 examination in order to qualify to engage in the management, direction or supervision of municipal advisory activities. The MSRB is providing a one-year grace period until November 12, 2020, to facilitate the transition to the new examination requirement. During this time, individuals qualified by the Series 50 examination can continue to engage in supervisory activities.