MSRB Sets New Date for Voluntary Series 54 Pilot Examination

Date: January 14, 2019

Contact: Jennifer A. Galloway, Chief Communications Officer


Washington, DC – The Municipal Securities Rulemaking Board (MSRB) today announced it is revising the release date of its voluntary Municipal Advisor Principal Qualification (Series 54) pilot examination to March 2019 from February 2019. The pilot enrollment period has also been changed to March 4–15, 2019.

The Series 54 is a new qualifying examination for municipal advisor principals—those individuals directly engaged in the management, direction or supervision of the municipal advisory activities of a municipal advisor firm and its associated persons. “We want to ensure that municipal advisor principals have sufficient time to evaluate whether or not they want to participate in the Series 54 pilot,” said MSRB President and CEO Lynnette Kelly.

The MSRB is seeking volunteers to take the Series 54 pilot, which will be available from March–July 2019. Individuals who are currently functioning in a principal capacity and are interested in taking the Series 54 pilot are encouraged to fill out this questionnaire to receive information and updates on the pilot enrollment period of March 4–15, 2019.

The MSRB will host a webinar on January 24, 2019, at 3 p.m. EST to provide more information about the administration of the Series 54 examination and how to participate in the pilot. Register for the webinar. The MSRB anticipates publishing a Series 54 exam preparation resource to assist candidates in evaluating their readiness for the pilot and the permanent exam.

The permanent Series 54 examination will be available Fall 2019, at which time individuals functioning in a municipal advisor principal capacity will have one year to take and pass the Series 54. Individuals who take and pass the examination during the pilot period will be appropriately qualified as a municipal advisor principal once the permanent examination is available.

The MSRB protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its Electronic Municipal Market Access (EMMA®) website, the official repository for information on all municipal bonds. The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a self-regulatory organization governed by a 21-member board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is overseen by the Securities and Exchange Commission and Congress.