Date: September 13, 2011
Contact: Jennifer A. Galloway, Chief Communications Officer
(703) 797-6600
jgalloway@msrb.org
MSRB SEEKS CHANGE TO DEALER PROFESSIONAL QUALIFICATION REQUIREMENTS
Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today filed a proposed rule change with the Securities and Exchange Commission that would restrict the municipal securities activities that an individual who has passed the General Securities Registered Representative Examination (Series 7) to sales to, and purchases from, customers.
In order to perform any other types of municipal securities activities, individuals would be required to qualify as a municipal securities representative by taking and passing the Municipal Securities Representative Examination (Series 52). Those activities include underwriting and trading; financial advisory or consultant services for issuers in connection with the issuance of municipal securities; research or investment advice with respect to municipal securities; or any other activities that involve communications, directly or indirectly, with public investors in municipal securities.
The proposed change to MSRB Rule G-3 is a result of changes being made by the Financial Industry Regulatory Authority to the Series 7 that will limit the test’s focus to sales activities.
The changes to the MSRB’s professional qualifications Rule G-3 are proposed to take effect on November 7, 2011. Individuals who passed the Series 7 examination prior to the effective date of the proposed rule change and are not subsequently disqualified will continue to qualify to engage in all municipal securities activities.