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.
A survey of registered municipal advisors in Summer 2014 will assess the business activities of municipal advisory professionals and inform the development of professional qualifications for municipal advisors.
The development of an examination content outline will be considered by the MSRB Board of Directors and, if approved, filed with the SEC. Once adopted, the municipal advisor examination content outline will provide the basis for preparation of the examination. At the time the outline is approved by the SEC, the MSRB will also announce the effective date for the municipal advisor professional qualification exam.
As the MSRB is continuing to prepare the content outline, municipal advisors may continue to submit comments to PQMailbox@msrb.org.