Questions about the Series 52 examination may be directed to Loretta J. Rollins, Director, Professional Qualifications.

On July 7, 1999, the Securities and Exchange Commission approved the revised test specifications and study outline for the Board’s Municipal Securities Representative Qualification Examination (Test Series 52).¹ The revisions became effective on August 1, 1999. The examination remains a three-hour 100 question examination administered by NASD Regulation, Inc. using the PROCTOR system.

The study outline was revised to delete topics that are no longer relevant and to add or revise topics that reflect additions to or changes in practices, products and Board rules since the outline was last revised. The revised outline also provides for the inclusion of new Board rules as they are promulgated. A copy of the revised study outline may be obtained by mailing a completed Publications Order Form to the Board. The Publications Order Form is contained in each issue of MSRB Reports.

Test specifications for an examination indicate the number of questions assigned to a specific topic area. The test specifications for the Series 52 examination were revised to provide for greater emphasis under the topic areas of Economic Activity, Government Policy and the Factors Affecting Interest Rates and Federal Legal Considerations. The revised test specifications are as follows:

September 1, 1999

ENDNOTES

1. See Securities Exchange Act Release No. 41604 (July 7, 1999), 64 FR 38061 (July 14, 1999). On June 9, 1999, the Board issued a press release and posted a notice on its web site (www.msrb.org) about the filing of the revised test specifications and outline.

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