The MSRB’s Professional Qualification Program sets standards of competency for associated persons of municipal securities brokers, dealers, municipal securities dealers (collectively dealers) and municipal advisors. Professional qualification requirements foster compliance with MSRB rules and other regulatory requirements through required examinations and continuing education.
Municipal Securities Principals and Representatives
The MSRB imposes qualification requirements on certain associated persons of dealers based on their activities.
- Municipal securities representatives perform fundamental activities such as selling, trading and underwriting municipal securities.
- Municipal securities sales limited representatives perform activities limited exclusively to sales to and purchases from customers of municipal securities.
- Limited representative – investment company and variable contracts products performs activities with respect to municipal securities that are limited exclusively to sales to and purchases from customers of municipal fund securities.
- Municipal securities principals manage, direct or supervise the municipal securities activities of a securities firm or bank dealer.
- Municipal fund securities limited principals manage, direct or supervise municipal securities activities that are limited exclusively to municipal fund securities.
- Municipal securities sales principals are associated with securities firms and perform supervisory activities with respect to municipal securities that are limited to sales to and purchases from customers of municipal securities.
Municipal Advisor Representatives and Principals
The MSRB imposes qualification requirements on certain associated persons of municipal advisors based on their activities.
- Municipal advisor representatives engage in municipal advisory activities, as defined in MSRB Rule D-13, on the municipal advisor’s behalf.
- Municipal advisor principals directly engage in the management, direction or supervision of the municipal advisory activities of the municipal advisor and its associated persons.
Associated persons of dealers and municipal advisors engaged in in such functions must satisfy the professional qualification requirements as outlined in MSRB Rule G-3.
The MSRB provides content outlines for its qualification examinations.