The MSRB is in the process of establishing minimum professional qualifications for municipal advisors as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. This process started in October 2010 when the MSRB began conducting outreach events and focus groups to gather input from municipal advisors and others about the development of a professional qualification examination to assess the competency of entry-level municipal advisors.
The MSRB subsequently organized a municipal advisor examination working group to consider all comments received by the MSRB, assess commonalities in municipal advisory activities, provide additional input and draft a content outline for an examination. Further development of a professional qualification exam was delayed until the Securities and Exchange Commission (SEC) issued its final registration rule defining who is a municipal advisor to ensure all municipal advisors were given the opportunity to participate in the process. The SEC issued this final definition on September 18, 2013.
In June 2014, the MSRB surveyed registered municipal advisors about their business activities to inform the development of a professional qualification exam for advisors. The MSRB has completed an analysis of the survey responses and is using the information to develop a draft content outline for its planned professional qualifications exam. The MSRB intends to finalize the content outline and administer a pilot exam to municipal advisors in 2015.
As the MSRB is continuing to develop professional qualification standards, municipal advisors may submit comments to PQMailbox@msrb.org.