municipal adviser

Series 50 Pilot Exam – Register Soon

The MSRB has announced that the Series 50 pilot exam will be available to test-takers from January 15, 2016, to February 15, 2016. Registration for the exam begins on September 21, 2015, and closes January 14, 2016. Continue reading

The pilot exam is a precursor to the Series 50 permanent exam, which will be the qualifying exam for municipal advisors. Those who pass the Series 50 pilot exam will not be required to take the permanent exam.

The fee to take the exam is $265. Municipal advisor professionals can be enrolled by submitting Form U10 on the FINRA website. Test-takers will receive their results in the mail 2-3 months after taking the exam. The MSRB does not currently have a projected passing score for the pilot exam, but Gail Marshall, MSRB Associate General Counsel – Enforcement Coordination, says that the passing score for the Series 50 permanent exam “will be determined using the American Psychological Association’s Standards for Education and Psychological testing” and that the process will be supervised by an expert psychometrician.

The pilot exam will contain 120 multiple choice questions, and will begin with a thirty minute tutorial that explains how to take the computerized test. Test-takers will have four hours to take the Series 50 pilot. Although the Series 50 content outline will continue to change as rules are updated, according to the MSRB, there are no expectations that the content outline will change between the pilot exam and the permanent exam.

Series 50 study materials now available: https://solomonexamprep.com/series50

Exam Alert: SEC Delays Compliance Date of Municipal Adviser Registration Rules, Responds to FAQs

The SEC has announced that compliance with the final municipal adviser registration rules will not be required until July 1, 2014. The SEC has also released interpretive guidance for the municipal adviser registration rules, in the form of responses to frequently asked questions. Continue reading

The SEC has announced that compliance with the final municipal adviser registration rules will not be required until July 1, 2014. This date is when the first set of advisers will be required to register under the rule.

The SEC has also released interpretive guidance for the municipal adviser registration rules, in the form of responses to frequently asked questions. The FAQs cover a wide range of topics, including the advice standard, various exemptions and exclusions, issuance of municipal securities, remarketing agent services, and more. The FAQs can be found here.

For more information on the municipal adviser registration rules, see our two prior exam alerts on the topic, here and here.

Sources:

SEC Release 2014-8: SEC Announces New Date for Compliance with Final Municipal Advisor Registration Rules

SEC Release 2014-7: Interpretive Guidance on Municipal Advisor Registration Rules

This alert applies to the Series 7, Series 52, and Series 53.

Exam Alert: Municipal Advisor Registration Rules Take Effect

On January 13, 2014, the SEC will put into effect new rules to require the ongoing registration of municipal advisers. A municipal adviser is defined as a person that either:

– gives advice to a municipal entity or obligated person regarding municipal securities, or

– solicits a municipal entity or obligated person.

The SEC has released a guide (http://www.sec.gov/info/smallbus/secg/muni-advisor-reg-secg.htm) on who is and is not required to register… Continue reading

On January 13, 2014, the SEC will put into effect new rules to require the ongoing registration of municipal advisers. A municipal adviser is defined as a person that either:

gives advice to a municipal entity or obligated person regarding municipal securities, or
solicits a municipal entity or obligated person.

The SEC has released a guide on who is and is not required to register – certain firms and professionals are exempt while acting in their regular capacity. The guide also specifies the filing requirements for municipal adviser registration.

See also our prior alert on this topic for additional information.

This alert applies to the Series 7, Series 52, and Series 53.

Exam Alert: SEC Requires Municipal Advisers to Register

Effective January 13, 2014, the SEC will put into place permanent rules to require the ongoing registration of municipal advisers. A municipal adviser is defined as a person that either:

-gives advice to a municipal entity or obligated person regarding municipal securities, or

-solicits a municipal entity.

Municipal entities and their employees are not considered municipal advisers. Continue reading

Effective January 13, 2014, the SEC will put into place permanent rules to require the ongoing registration of municipal advisers. A municipal adviser is defined as a person that either:

– gives advice to a municipal entity or obligated person regarding municipal securities, or

– solicits a municipal entity.

Municipal entities and their employees are not considered municipal advisers.

An “obligated person” essentially refers to an entity that is obligated to repay some or all of the amount borrowed in a municipal securities offering. For example, a non-profit university or non-profit hospital could be an obligated person if they borrow from the proceeds a municipal securities offering and are then legally required to pay back what they borrowed.
Note that certain entities are exempt from the registration requirement if they provide advice while acting in their regular capacity. This exemption applies to underwriters, registered investment advisers, registered commodity trading advisors, attorneys, engineers, banks, accountants, and swap dealers. For more details, see the SEC release.

Source: SEC Press Release 2013-185: SEC Approves Registration Rules for Municipal Advisors
This alert applies to the Series 7 and Series 52.