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Contact: Jennifer A. Galloway, Chief Communications Officer




Washington, DC – The Municipal Securities Rulemaking Board (MSRB) today released the content outline for its 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.

“Our forthcoming qualifying exam for municipal advisor principals will require individuals to demonstrate a minimum level of knowledge to effectively manage and supervise within their municipal advisory firm,” said MSRB President and CEO Lynnette Kelly. “Requiring principals to demonstrate competence in the application of federal securities laws and MSRB rules will further ensure that municipal advisor firms are complying with the regulations developed to protect state and local governments.”

The content outline for the MSRB’s Municipal Advisor Principal Qualification Examination (Series 54) serves as a guide to the subject matter tested on the examination and has been filed with the U.S. Securities and Exchange Commission for immediate effectiveness.

Consistent with best practices for test development, the MSRB will administer a Series 54 pilot examination to validate exam questions and determine a passing score. The MSRB is seeking volunteers to take the Series 54 pilot, which will be available from February 2019 – June 2019. Individuals who are currently functioning in a principal capacity and are interested in taking the Series 54 pilot exam are encouraged to fill out this questionnaire to receive information and updates on the pilot enrollment period February 4 - 15, 2019. The MSRB has released a timeline showing phases and dates leading up to the availability of the permanent Series 54 examination.


The MSRB will host a webinar on January 24, 2019, at 3:00 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 Municipal Securities Rulemaking Board (MSRB) protects and strengthens the municipal bond market, enabling access to capital, economic growth, and societal progress in tens of thousands of communities across the country. The MSRB fulfills this mission by creating trust in our market through informed regulation of dealers and municipal advisors that protects investors, issuers and the public interest; building technology systems that power our market and provide transparency for issuers, institutions, and the investing public; and serving as the steward of market data that empowers better decisions and fuels innovation for the future. The MSRB is a self-regulatory organization governed by a 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.